Orange has been in Kenya since 2007 starting with a 51 percent stake which was topped up to 70 percent in January 2013.
Its departure from the Kenyan market marks its exodus out of East Africa having recently exited the Ugandan telecommunications industry.
The French company has however not quit the African market entirely as it retains operations in South Africa, Botswana, Cameroon and Democratic Republic of Congo among others.
Upon purchasing the stake, Helios Investment and the Kenyan Government – which owns 30 percent – will take up the telco’s four million subscribers.
According to a statement released by Orange, the finalisation is however subject to approval from the relevant authorities.
“This signature reflects Orange’s constant focus on optimizing its portfolio of assets. The Africa and Middle-East region is a strategic priority for the Group,” read the statement.
According to a past media interview, Helios – an Africa focused serial investor company – has in the past invested in Equity bank which it later sold, has been courting the French for the Orange stake buyout from as long as last year.
Helios has in the past bought stakes in companies such as Africa Oil Corp which is exploring oil in the country, it also invested in Wananchi Group Holdings, ARM Pensions, Vivo Energy and Flamingo Holdings among others.