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Telecoms : Orange withdraws from bid to acquire Ethio Telec

Telecoms operator Orange has officially announced its withdrawal from the bid to acquire a substantial 45% stake in Ethiopia’s leading operator, Ethio Telecom.

This decision comes after the French telecom operator had initially expressed an interest in participating in the partial privatization of Ethio Telecom, a telecom giant with over 70 million subscribers and a historic monopoly in the Ethiopian market, in 2021.

“Orange confirms that it has decided to withdraw from the ongoing process concerning the sale of 45% of Ethio Telecom,” the company told Reuters in a statement. For its part, Ethio Telecom added: “After analysis, the Group believes that the conditions do not allow the rapid deployment of our strategy and the realization of a value-creating project for the company.”

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