💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

UPDATE 1-Kenya's Safaricom buys second WiMAX operator

Published 08/13/2009, 04:49 AM
Updated 08/13/2009, 04:51 AM

* Acquires 100 percent of Packetstream Data Services

* Deal still needs approval by regulator

* CEO Joseph says complements stake in Onecom

NAIROBI, Aug 13 (Reuters) - Kenya's leading mobile firm Safaricom said on Thursday it had bought a second local WiMAX operator to boost its product range.

Chief Executive Officer Michael Joseph said his company had bought 100 percent of Packetstream Data Networks, but he did not disclose the value of the deal.

"It complements our acquisition of 51 percent in Onecom," Jospeh told a news conference, adding that the transaction still needed regulatory approval.

WiMAX is a high-speed wireless technology used in telecoms networks.

Safaricom bought its Onecom stake nearly a year ago for $2.6 million.

Late last month, Safaricom said it had started offering broadband internet to its customers after a first fibre-optic cable was switched on.

Telecommunications in east Africa are hampered by lack of infrastructure. Known as SEACOM, the undersea cable links east Africa to South Africa, India, Middle East and Europe. (Reporting by Duncan Miriri; Editing by Daniel Wallis and Jon Loades-Carter)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.