Kibo, minority investors exit stake in Orange Madagascar

After 10 years supporting Orange’s growth in the Malagasy market, a consortium of minority investors led by Terra Mauricia and Kibo Fund divested their 16% stake in Orange Madagascar in January 2021.

The earliest operator in the Malagasy telecom market, Orange has become a dominant player in voice and data services for both individuals and businesses, and a leading financial service provider with its subsidiary Orange Money Madagascar. With an estimated 9% CAGR in the coming years, Madagascar is expected to be one of the fastest-growing telecom markets in Africa, partly driven by a dynamic B2B market as the country has been recently emerging as a leading BPO destination in Africa.

Enexus Finance acted as the financial advisor in the transaction.

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