Belgium's Belgacom ICS (BICS) and MTN have announced the closing of the transaction which results in a combination of their international carrier services and MTN taking an equity stake in BICS.
The agreement was originally announced in June and received approval of all relevant government, regulatory and competition authorities in the meantime.
As of today, 1 December 2009, BICS will progressively integrate MTN ICS, MTN's international wholesale subsidiary, and will act as the official gateway for carrier services of MTN globally.
Belgacom will own 57.6% of BICS' shares, Swisscom 22.4% and MTN 20.0% with a board representation.
Through this transaction, BICS will reinforce its footprint and become the leading international wholesale operator in Africa. MTN will benefit from improved efficiencies and greater economies of scale while offering its customers in Africa and the Middle East an improved high quality international service offering.
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