In November 2016, Telecel and the Minister of ICT announced the completion of ZARNET’s 100% acquisition of Telecel International which owned 60% of Telecel Zimbabwe successfully making the Government owned entity Telecel Zimbabwe’s majority shareholder.
ZARNET’s acquisition of Telecel International was financially backed by NSSA who provided mezzanine capital valued at $30 million (USD).
NSSA has now announced, through its Chairman’s Q4 statement, that it is in advanced negotiations in relation to the restructuring of the transaction.
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NSSA now wants ZARNET to buy back it’s shareholding in Telecel International over a period of 3 years (Techzim can only assume that NSSA is therefore the majority shareholder until ZARNET completes the transaction), the reason for the restructuring of the deal include it wanting an “acceptable equity return and enhanced security arrangements” on the deal by offering ZARNET a “feasible and favourable financing structure”.