Axian Telecom was reportedly looking to acquire Kenya-based mobile, internet and TV provider Wananchi Group.
The Standard reported according to files made with regulator Comesa Competition Commission, Axian Telecom subsidiary Axian Telecom Fibre is looking to acquire 99.63% of Wananchi. It trades under the Zuku brand offering TV, broadband and mobile across Kenya, Tanzania, Uganda, Malawi and Zambia.
Comesa noted it received the proposed acquisition from Axian Telecom Fibre for 99.63% of Wananchi.
Wananchi agreed to the regulator’s condition of selling its majority stake in iSAT Africa as a condition to complete the sale.
The Standard reported the Wananchi Group struggled in recent years as shareholders clashed and hampered investment plans and product development.
Shareholders claimed to have been defrauded by rival shareholders to the tune of KES20 billion (US$155 million) in 2018.
Wananchi Group was founded in 1998 and saw an investment of US$40 million from a consortium including Helios Investment Partners, Altice and Liberty Global in 2014.
