Equatorial Guinea announces payment to Orange of the € 95 million needed to get the group out of Getesa

Equatorial Guinea announces the resolution of the litigation that has pitted it against Orange since 2014 over the acquisition of the French telecom group’s shares in the incumbent operator Guinea Ecuatorial de Telecomunicaciones (Getesa).

According to a statement from the Equatorial Guinea Embassy in France, the State and Orange Middle East and Africa signed an agreement in Paris on September 26, 2018, in which the country paid the sum of $ 50 million. euros. The money represents the balance of 95 million euros corresponding to the redemption price of the 40% shares of Orange in Getesa.

The government had already paid a first payment of 45 million euros in October 2016. It now calls on Orange to “resolve the last problematic issues regarding its exit from Getesa and to formally proceed with the transfer of thirty years of Getesa’s management “.

The Embassy of Equatorial Guinea has indicated that an independent audit is under way to accurately determine the state of the incumbent operator after the withdrawal of the Orange group. Before the battle for Equatorial Guinea’s takeover of Orange’s shares of Getesa, the two parties were already in conflict, three years earlier, on governance issues within the incumbent operator.

Source: Agence Ecofin