Cleary Gottlieb represented Citigroup Global Markets Limited and Goldman Sachs International as financial advisors in the $3.4 billion cash acquisition of African mobile operator Celtel International B.V. by Mobile Telecommunications Company, a Kuwaiti company. MTC will purchase 85% of Celtel International immediately for $2.84 billion and will acquire the remaining 15% of the company for $520 million within two years of the closing date.
Prior to the acquisition, Celtel had been considering an IPO with a listing on the London Stock Exchange and a secondary listing on the Johannesburg Stock Exchange. Cleary also advised Citigroup and Goldman Sachs in connection with the IPO.
Celtel is a leading provider of mobile telecommunications services in sub-Saharan Africa, with more than five million managed customers in 13 countries. Its license area covers approximately 250 million people, or 30% of Africa’s population.