Africa’s Liquid Telecom Makes Offer for Communication Company Satcom

African data, voice and IP provider Liquid Telecommunications Holdings Ltd. has made an $8 million (NIS 29 million) offer for Israeli communication service provider Satcom Systems Ltd., according to a Monday filing to the Tel Aviv Stock Exchange. Satcom offers its services mainly in Africa, Asia, and the Middle East.

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The report was made by the special managers in charge of the liquidation of Israeli holding company Eurocom Group, the parent company of Satcom. An Israeli court ordered the debt-laden company into receivership in April after it could not find a buyer. Among Eurocom’s assets are Israel's largest telecommunication company Bezeq, and Israel-based satellite operator Space Communication Ltd., also known as Spacecom.

Liquid Telecom, a subsidiary of privately-owned Econet Wireless Group, provides fiber optic, satellite, and international carrier services in eastern, central and southern Africa. For the fiscal year 2018, ended February 28, Liquid reported revenues of almost $681 million and an operating profit of $94.5 million.

According to a report made last week by Zimbabwean daily NewsDay, Liquid Telecom signed a deal to acquire Zambian Hai Telecommunications Ltd. last week, and is now awaiting approval from the Zimbabwean Regulator.