Axian Telecom is reportedly set to acquire a 99.63% stake in Wananchi Group, a leading provider of mobile, internet, and TV services in East Africa. The deal was revealed in filings submitted to the Comesa Competition Commission, as reported by The Standard.

Wananchi Group, which operates under the Zuku brand, offers broadband, TV, and mobile services across Kenya, Tanzania, Uganda, Malawi, and Zambia. Axian Telecom’s subsidiary, Axian Telecom Fibre, is leading the acquisition efforts.

As part of the transaction, Wananchi Group has agreed to sell its majority stake in iSAT Africa to meet regulatory conditions set by Comesa.

Wananchi has faced challenges in recent years, with shareholder disputes hindering investments and product development. In 2018, some shareholders accused rivals of defrauding them of KES20 billion (US$155 million).

Founded in 1998, Wananchi received a US$40 million investment from a consortium, including Helios Investment Partners, Altice, and Liberty Global, in 2014. The acquisition by Axian Telecom signals a new chapter for the struggling telecom company.