The government of Uganda has decided to sell a majority interest in Uganda Telecom Ltd (UTL) to Nigeria-based private equity firm Teleology Holdings. The privatisation of UTL attracted seven bidders and Teleology emerged ahead of its rivals with an offer of USD71 million for a 67% stake. According to a report from The Monitor, it must pay a 10% deposit within one month and the remainder of the balance within a further two months.
The decision caused some disagreement within government, with State Investment minister Evelyn Anite reportedly backing Mauritius Telecom, which had entered a lower bid of USD45 million but which Ms Anite said had a better track record in the African telecoms sector. In February this year Teleology won the bidding for Nigerian cellco 9mobile, which was known as Etisalat Nigeria until July 2017.