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Helios Investment Partners, a London-based private equity firm, has completed a deal to acquire majority stake in Telkom Kenya from Orange, the French telecoms giant.

According to a statement released last week, Helios said it acquired 60 percent shareholding in Telkom Kenya via a wholly-owned subsidiary, Jamhuri Holdings Limited. The deal also includes an increase in the shareholding of the Kenyan government in Telkom Kenya from 30 percent to 40 percent.

“Helios is excited about the opportunity to work with all stakeholders to transform Telkom Kenya into a successful telecommunications operator in Kenya,” said Babatunde Soyoye, co-founder and Managing Partner of Helios Investment Partners. “We look forward to partnering with the company’s staff, customers, business partners, our co-shareholder GoK, as well as the Kenyan public in general to progress the development of the telecommunications sector in Kenya.”

Last November, Orange announced that it had reached a deal to sell its 70 percent stake in Telkom Kenya for an undisclosed fee. The French telecoms firm had acquired 51 percent stake in Telkom Kenya in 2007 and raised it to 70 percent in January 2013.

Telkom Kenya is the sole provider of landline phones in Kenya and the country’s third largest mobile operator after Safaricom and Airtel. The company had four million mobile subscribers at the end of June 2015, according to figures published by Kenyan telecoms regulator.

“Telkom Kenya is delighted to welcome Helios into the anchor shareholding of the company. The company is confident that the combination of the Helios’ expertise, resources and experience and track record in investment across the continent will be invaluable contributors to Telkom Kenya’s transformation,” said Eddy Njoroge, the Chairman of the Board of Telkom Kenya.

Helios Investment Partners is one of the largest private equity funds in Africa. The company operates a family of funds, which has invested over $3 billion in African businesses. Some of Helios’ investments in Nigerian businesses include FCMB, a mid-sized Nigerian banking group; ARM, a leading pension fund manager; and Interswitch, an integrated digital payments and commerce company.