IQSTEL Acquires 51% Controlling Interest in Ultranet
IQSTEL Inc. announced a Binding Memorandum of Understanding, or MOU, to acquire a 51% controlling interest in Ultranet Telecom Group, a telecom and technology company headquartered in Ghana with operations across Africa and international markets. The transaction is projected to add approximately $130M in annual revenue and approximately $4.5M in net profit based on Ultranet's FY 2025 audited financial statements. 60% of the consideration is contingent upon Ultranet achieving specified net income targets over the next 24 months. Ultranet operates across Ghana, Nigeria, Mali, Burkina Faso, Senegal, and Ivory Coast, with commercial activities in Europe, Asia, and North America. The combined platform is expected to operate in approximately 30 countries across 5 continents. The parties are working toward a Definitive Purchase Agreement within 60 days, with a target close in Q3. Financial terms are not being disclosed at this time.
