Safaricom's acquisition of defunct rival yuMobile's network infrastructure is back on, with the Kenyan operator reportedly prepared to pay 10.5 billion shillings (€89.7 million) for the assets.
Essar-owned yu in March revealed plans to wind up the company and sell its infrastructure and subscribers to Safaricom and Airtel respectively. While the Airtel side of the deal progressed, Safaricom took issue with some of the approval conditions proposed by the Competition Authority of Kenya (CAK) and pulled out of the negotiations.
However, Safaricom re-entered the process at the beginning of August and expects to complete the acquisition within the next few months.
"Things are on the move again," said Safaricom CEO Bob Collymore, in a report by ITWeb Africa on Tuesday.
The operator is still waiting for approval from the CAK and the Communications Authority of Kenya (CA), he said.
If Safaricom gets the green light from the regulators, "approval of the shareholders will be requested at the upcoming AGM", which is scheduled for September, Collymore told ITWeb Africa.
According to the CA's most recent statistics, Kenya had 31.2 million mobile subscriptions at the end of March.
Safaricom commanded a 67.8% share of the market at that date, followed by Airtel with 16.5%. Third-placed yu had an 8% share while fourth-placed Telkom Kenya – owned by Orange – had 7.7%.