Pan-African telecommunications services provider AXIAN Telecom, a part of the AXIAN Group led by Malagasy businessman Hassanein Hiridjee, has taken a significant step in its expansion strategy by acquiring a majority 40 percent equity interest in its joint venture business, “Free in Senegal.”
The acquisition increases AXIAN Telecom’s stake in the telecom outfit to 80 percent, solidifying its position as the majority owner and allowing for financial consolidation and operational control.
The transaction, subject to customary closing conditions and the approval of relevant authorities in Senegal, marks a pivotal moment for AXIAN Telecom. This move comes after the telecom company’s noteworthy acquisition of Millicom’s merged entity, MIC Tanzania Plc, in April 2022.
Commenting on the latest transaction, Hiridjee, chairman of AXIAN Telecom, stated: “We are delighted to have agreed on this transaction, which will give us control over Free Senegal and allow us to consolidate its operations into the AXIAN Telecom group. We thank our partners for their important role in developing Free in Senegal since 2018 and for their support for this transaction.”
Hiridjee further emphasized the company’s commitment to the growing Senegalese economy and its interest in expanding its footprint in West African markets. He pledged to work collaboratively with colleagues in Senegal to energize the country’s telecommunications ecosystem by deploying cutting-edge technologies and providing a better experience for individuals and businesses.
AXIAN Telecom presently operates in nine markets through its subsidiaries and affiliates in Tanzania, Madagascar, Togo, Uganda, the Democratic Republic of the Congo, Senegal, Réunion, Mayotte, and Comoros.
Under Hassanein Hiridjee’s leadership, the company has achieved remarkable growth through active acquisitions and substantial network investments since 2015. Today, AXIAN Telecom ranks as Africa’s seventh-largest mobile operator, serving approximately 36 million customers and offering mobile and fixed networks, as well as digital infrastructure and mobile financial services.
The company’s aggressive expansion strategy has resulted in impressive financial performance. In the first quarter of 2023, AXIAN Telecom reported a significant increase in revenue, reaching $240.6 million, up from $130.2 million in the same period the previous year. Similarly, its operating profit rose to $56.5 million, marking a substantial growth from $38.9 million in the first quarter of 2022.
As AXIAN Telecom continues to make strategic moves in the African telecom market, it remains committed to delivering innovative solutions and driving progress in the region’s digital landscape.
