GVT Telecel Takeover Confirmed

November 18, 2015
Amsterdam-based telecommunications giant Vimpelcom has officially confirmed the acquisition of Telecel Zimbabwe by the Zarnet at a cost of US$40 million.

GVT Telecel Takeover Confirmed
Telecel Outlet in Harare
Vimpelcom Group has officially announced that its 51.9% owned subsidiary, Global Telecom Holdings has entered into an agreement with Zarnet to sell its stake in Telecel International Limited.

According to a statement released this Wednesday by the Amsterdam-headquartered firm, the transfer of ownership to Zarnet will occur after the customary conditions are satisfied. Zarnet is wholly owned by the government of the Republic of Zimbabwe through the Ministry of Information Communication Technology, Postal and Courier Services. Meanwhile, Telecel Zimbabwe chief executive officer Angeline Vere is reported to have announced to members of staff in Harare of the new shareholding structure.



Government’s takeover of the controlling stake is set to make Zarnet one of the biggest telecommunications company in the country.Telecel Zimbabwe was jointly owned by Telecel International, which had 60% and Empowerment Corporation, a Zimbabwean consortium made up of a number of local companies and investors who control 40% of the company. ,