africa Cape Verde M&A telecom

PT Ventures exits Cabo Verde Telecom

PT Ventures, subsidiary of Brazilian group Oi, agreed to sell the 40% stake it had in Cabo Verde Telecom. These stakes were jointly acquired by Instituto nacional de segurança social (INPS) and Agencia de segurança are e aeroportuaria (ASA).

Following PT Ventures’ withdrawal, Cabo Verde Telecom’s shareholding is now as follows; Instituto nacional de segurança social (57.9%), Agencia de segurança are e aeroportuaria (20%), Cabo Verde (3.4%), Correios de Cabo Verde (0.7%) and private investors (18%).

According to finance minister Olavo Correia, these withdrawals come apropos to put a stop to the conflict that started since 2014 between Cabo Verde and  PT Ventures. The incumbent operator is now fully owned by nationals and guarantees them access to the various business opportunities offered by the telecom sector.

Source: Ecofin

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