(Bloomberg) -- Wananchi Group, an East African pay-TV and internet company, has hired Lazard Ltd. to work on a potential sale as some of its investors look for an exit, people familiar with the matter said.
Media giant Liberty Global Plc, telecommunications firm Altice Europe NV as well as London-based Helios Investment Partners are keen to sell their stakes in the Kenyan company, the people said, asking not to be identified because the deliberations are private. A sale could the business at as much as $500 million including debt, they said.
Representatives for Wananchi, Lazard, Liberty, Altice and Helios declined to comment.
Helios invested $40 million in the company in 2014 as part of a round to raise money for regional expansion. Wananchi got $130 million from investors including Altice, Liberty and Helios, the Nairobi-based company said in a statement at the time.
Wananchi is targeting the growing middle class in Sub-Saharan Africa, providing broadband services through fiber and satellite technology in Kenya, Tanzania, Uganda, Malawi and Zambia. It also owns pay-TV provider Zuku.
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