Zamani Com Acquires Majority Stake in Orange Niger
December 4, 2019
Cleary Gottlieb represented the minority shareholders of Orange Niger S.A. (Orange Niger), acting through their jointly owned vehicle Zamani Com S.A.S. (Zamani Com), in their acquisition of 95.5% of the shares and voting rights held by Orange Middle East and Africa S.A. (OMEA), a subsidiary of the Orange Group, in Orange Niger.
Zamani Com is owned 50% by Greenline Communication Ltd., a company controlled by M. Moctar Thiam and Groupe Envol, and 50% by Rimbo Invest, a company held by M. Mohamed Rissa and Groupe Rimbo.
Orange Niger, which is one of the four telecommunications license operators in Niger, has been in financial difficulties in recent years and filed for insolvency proceedings in March 2019, just before the start of Groupe Orange’s exit process. The transaction thus involved difficult negotiations with the company’s lenders and suppliers to restructure their outstanding debt claims to a level that made Orange Niger’s financial condition sustainable.
The transaction was signed in August 2019 and completed on November 22, 2019, following the restructuring of Orange Niger’s debt and approval of the transaction by the Niger authorities. Orange Niger’s services will continue to be marketed under the “Orange” brand during a transition period.