UAE company to take over 60% of Telkom Kenya from Helios, Kenya’s Treasury says

UAE company to take over 60% of Telkom Kenya from Helios, Kenya’s Treasury says

NAIROBI - United Arab Emirates-based Infrastructure Corporation of Africa LLC will take over 60% of shares in Telkom Kenya from London-based private equity firm Helios after a competitive process, Kenya's finance ministry said on Wednesday.

Financial details of the transaction were not disclosed.

The Kenyan cabinet on Tuesday rescinded a deal between a previous administration and Helios for the nationalisation of Telkom, citing "governance challenges" in that transaction.