[ACCI-CAVIE] Madagascar’s Axian has closed its acquisition of additional shares in Senegal’s Free. The deal was originally announced on 24th July, and will see Axian boost its holding in Free from 40% to 80%. Free Senegal is the second largest operator in the market, with 5.36 million subscribers as of July 2023, equating to a market share of 25%.

TeleGeography reports that Free Senegal was taken over from Millicom in April 2018 by by the Saga Africa Holdings consortium, which consists of Xavier Niel’s investment firm NJJ Group, Teyliom Group and Axian Group (via Axian Telecom).

Mamadou Mbengue, CEO Free Senegal, said: “This transaction underscores the significance of Free Senegal as a key player in the market and its pivotal role in transforming Senegal’s telecommunications landscape. Together, we are strongly positioned to drive forward the digital transformation agenda, focusing on deploying relevant technologies to ensure an enhanced experience for individuals and businesses alike.”

Axian Telecom has subsidiaries in several African markets, including Comoros, Madagascar, Mayotte, Reunion, Senegal, Tanzania and Togo. It also has business interests relating to telecoms in Cote d’Ivoire and Uganda, and is in discussions with MTN over a potential acquisition of the pan-African group’s operations in Guinea, Guinea-Bissau and Liberia.