CAIRO (Reuters) - Vodafone Egypt plans to spend around 9.5 billion Egyptian pounds ($1.25 billion) on upgrading its network over the next three years to keep pace with demand for data services, its CEO said.
Vodafone Egypt, majority owned by British mobile operator Vodafone, is the leading communications player by customer numbers in the country of 90 million.
"Annual investments will represent more than 30 percent of annual revenues," Chief Executive Officer Ahmed Essam told Reuters in an interview.
SAN FRANCISCO (Reuters) - Verizon Communications said it would sell wireline assets to Frontier Communications for $10.54 billion in cash and sell and lease cell phone towers for around $5 billion to American Tower in a deal that will help it pay off recent wireless spectrum purchases.
The transaction is the latest in a series of non-core assets that Verizon has sold in recent months to reduce debt and raise cash for investments.
The Frontier sale is expected to close in the first half of next year and is subject to regulatory approval, the companies said.
DUBAI (Reuters) - Nigerian phone tower group IHS has raised $2 billion in equity and $600 million in debt in what it says is the biggest equity fund raising by an African company this decade.
IHS, the continent’s largest tower company, will use the money to finance infrastructure spending and recently agreed acquisitions, according to a company statement on Monday.
It said the equity funding was from new and existing shareholders, but did not provide further details.
WASHINGTON (Reuters) - Verizon Communications Inc is open to divesting its network's assets including its cell towers, the company's chief financial officer said on Wednesday.
Verizon, which in February completed a $130 billion deal to buy Vodafone's stake in Verizon Wireless and get full ownership over the company, has previously announced plans to trim some aspects of its portfolio.
With the introduction of the iPhone in 2007 came the beginning of a global mobile revolution. Since then, mobile computing has transformed every aspect of our lives with smartphones and tablets outselling laptop computers as the primary means of network communication. In fact, this growth will only accelerate in the coming years, as the next wave of mobilization will create even more data from enterprise mobility, wearable computing and the Internet of Things (IoT).
MEXICO CITY (Reuters) - Billionaire Carlos Slim's America Movil AMXL.MX said on Tuesday it is ready to divest assets in an unprecedented step to cut its market share in Mexican telecoms below 50 percent and escape the burden of tougher regulations.
The company, which controls some 70 percent of Mexico's mobile market and 80 percent of the fixed line business, said in a statement its board had decided to sell assets to another company that could boost investment in the sector.
BRUSSELS (Reuters) - The European Union is teaming up with South Korea to jointly research the next generation of mobile broadband technology, hoping the Asian country's expertise will help it catch up in a field crucial for economic growth and jobs.
South Korea has one of the fastest mobile broadband networks and is home to Samsung, the world's biggest smartphone maker.
Indian operators Bharti Airtel and Reliance Jio Infocomm have announced a network-sharing plan aimed at avoiding “duplication of infrastructure” and lowering costs.
The companies said they would share inter- and intra-city fiber-optic networks, submarine cable networks, towers, internet broadband services and other technologies that might emerge in future.
Besides avoiding duplication and freeing up capital for other projects, the operators said that comprehensive network sharing would help to “preserve the environment”.
Telecom Italia will sell its Argentina unit and other assets while issuing a convertible bond, aiming to raise around 4 billion euros ($5.3 billion) to stave off a credit rating downgrade and strengthen operations in Italy and Brazil.
Italy's biggest telecoms operator, which is in the middle of a strategy shift under new Chief Executive Marco Patuano, said it had received an unsolicited offer for its 22.7 percent stake in Telecom Argentina (Buenos Aires, Argentina) and planned to sell.
AT&T has agreed a $4.85 billion deal with infrastructure company Crown Castle in a deal aimed at improving its financial flexibility and value to shareholders.
The US operator is to lease rights to approximately 9,100 of its towers to Crown Castle (Houston, TX, USA) –which will also buy another 600 towers outright – and then sublease capacity on those towers as and when required.