Zain acquired !
From ITNews, ‘France’s largest entertainment group Vivendi, has reportedly taken over Zain Africa with a $12 billion bid, ending speculation regarding the future of the ailing telecoms giant. The Monitor in Uganda reported that the move signals an ironic return for the French firm which was forced to sell its stake in its Kenyan operation after the second tech bubble burst in 2003. The newspaper said that Vivendi which is also Europe’s largest entertainment group returns as a more healthy operation keen to capture a share of the growing African telecoms market which it was forced to abandon a few years ago.’ Read more.
Buy a company for 3.4 billion and then sell it a few years later for 12. This is really big news and I can imagine there is more to come!