Vivendi buys Zain - True?

[wizard]

Looks like the nteenth reincarnation of Celtel is underway:

Vivendi finally lands Zain Africa for $12bn

Europe’s largest entertainment group, Vivendi of France, has reportedly won the race for Zain Africa with a reported bid of $12 billion, according to a Kenyan daily.
The Daily Monitor reports that “although officials at both companies and their transaction handlers declined to confirm the deal, sources familiar with the transaction said it had been recently completed, clearing the way for a new owner for the local operation”.

http://www.businessdayonline.com/index.php?option=com_content&view=article&id=3658:vivendi-finally-lands-zain-africa-for-12bn&catid=1:latest-news&Itemid=18

[Myne Whitman]

What will be the new name I wonder? Someone should make a documentary; The many woes of Econet...

[Ph3y]

Or something like Econet's metamorphosis into extinction

[pappilo]

In April, out of a total staff strenght of 2100, 300 staff were laid off and 450 jobs were outsourced. On Friday 3 July in an attempt to further reduce costs so as to clear the way for a takeover by Vivendi another 200 staff were laid off.

The deal hasnt been concluded but talks are ongoing.

[pappilo]

Zain handed the 'last' batch of staff their redundancy letters on Friday 31 July 2009 and this brings to a conclusion, the staff reduction exercise. The deal with Vivendi has fallen through and Etisalat (who are struglling to break the 1 million subscriber mark) are the new front runners to take over the operations of Zain Nigeria.