Cloud solutions, Industry, Telecommunication

Orange withdrew from purchasing 45% of Ethio Telecom

Orange, one of the world’s telecom leading companies, stated that it has withdrawn from the process of purchasing 45% stake in Ethio Telecom, one of the biggest Ethiopian telecom carriers.

“After analysis, the Group believes that the conditions do not allow for the rapid deployment of our strategy and the completion of a project that would create value for the company.”, – states Orange in official press-release.

Nowadays, the Ethio Telecom has 70 million users from 120 of total Ethiopian telecom users. It is also important as Ethiopia was the closed telecom market until 2018, and no Western companies could act as stakeholders.