TLA represents Etisalat in the majority sale of ZantelJune 2015
The law firm of Tribonian Law Advisors (TLA) announces that it represented Etisalat Telecommunications Corporation (Etisalat), a multinational telecommunications service provider operating in multiple jurisdictions across Asia, the Middle East and Africa in the sale of its 85 % stake in Zanzibar Telecom Limited (Zantel) to Millicom International Ventures AB (Millicom). The completion of the sale remains subject to certain conditions precedent as set out in the transaction documents.
In 1999, Zantel was launched as a joint venture between the Government of Zanzibar, Etisalat and local shareholders as a telecom service provider in the Zanzibar region. In 2006, Zantel obtained a license to offer its services nationwide and currently provides mobile, fixed and internet services in both mainland Tanzania as well as in the Zanzibar region. Zantel is currently the leading mobile telecom operator in the Zanzibar region and operates 2G and 3G services over 545 network sites, with 57MHz of spectrum and has ownership rights to undersea fibre optic cable capacity.
Millicom is an international telecommunications and media company operating primarily in Africa and Latin America. Millicom intends to retain and continue to operate the Zantel brand by working with the Government of Zanzibar which will retain its 15% stake in Zantel.
The TLA team was led by the firm’s managing partner Rindala Beydoun, and partners Carlo Pianese and Emile Boulos, who were assisted by associates Celine Bsaibes and Maria Mourad. Deutsche Bank acted as financial advisor to Etisalat. Millicom was advised by Allen & Overy.