After ten years supporting Orange’s growth on the Malagasy market, a consortium of minority investors led by Terra Mauricia and Kibo Fund divested in January 2021 its 16% stake in Orange Madagascar.

The earliest operator in the Malagasy telecom market, Orange has become a dominant player in voice and data services for both individuals and businesses, and a leading financial service provider with its subsidiary Orange Money Madagascar.

From 2005 to 2010, the company became the market leader with more than 2 million subscribers and maintains a 60% share of the mobile phone market.

Kibo Fund initially invested in the company in April 2010.

As compared to most of its peers in Sub-Saharan Africa, the penetration rate of telecoms in Madagascar is still extremely low thereby presenting an evident growth opportunity to the company whether access to basic low-cost telephony in currently unserved parts of the country or high value-added data services to its corporate clients.

With an estimated 9% CAGR in the coming years, Madagascar is expected to be one of the fastest growing telecom markets in Africa, partly driven by a dynamic B2B market as the country has been recently emerging as a leading BPO destination in Africa.

Enexus Finance acted as the financial advisor in this significant transaction for the Malagasy telecom market.

“Madagascar is among the fastest growing telecom markets in Africa and offers a lot of potential for operators. We are happy to participate in this transaction with one of the leading telecom player in Africa,” said Julien Lefilleur, Managing Partner of Enexus Finance.