29 April 2022

Tycoon Rostam Aziz has purchased Tigo and Zantel in Tanzania, almost two years since selling his shares in Vodacom Tanzania.

Axian Group of Madagascar said in a statement that in partnership with Aziz, it has closed the acquisition of the two operators after agreeing a U$100m deal with the Nasdaq (New York City) and Stockholm (Sweden) listed telecom firm, Millicom International Cellular S.A. (Millicom).

“The consortium led by Axian Telecom and Mr Rostam Aziz announced today it has closed the acquisition of Millicom’s merged entity MIC Tanzania Public Limited Company (Tigo and Zantel) in the United Republic of Tanzania,” the statement reads. “The transaction brings approximately 14 million mobile customers to Axian Telecom and accelerates the development of the group in Africa which now operates in eight markets.”

In September 2019, Aziz earned Sh499.8bn after selling his 26.25% stake - held in form of 588 million shares under ‘Mirambo Holdings’ in Vodacom Tanzania Plc – through the Dar es Salaam Stock Exchange (DSE).