France Telecom takes full control of CCT in DRC

The government of the Democratic Republic of Congo has agreed to sell its 49 per cent stake in Congo China Telecom (CCT) to France Telecom. The French telco was previously reported to be in exclusive talks with ZTE to buy the remaining 51 per cent stake.

“With this transaction the public treasury is reaping US$64 million. There will also be more than US$10 million in the form of taxes and other payments,” Jacques Baikpon, chief of staff at the country’s telecom ministry told Reuters by telephone.

The entire company has been valued at around US$425 million, although it is heavily in debt.

CCT is estimated to have had around one million subscribers at the end of March, representing a market share of around 10 per cent.