A London-based asset management group, Gemcorp, has won a US$ 189 million contract from the government of Angola to manage, renovate and expand state-owned Angola Telecom’s networks. The partnership aligns with the Angolan government’s strategy to restructure Angola Telecom, the country’s telecommunications and internet service provider.

The government launched a process to select a private partner for a 15-year contract to manage and operate Angola Telecom’s telecommunications infrastructure, metropolitan fiber network and businesses in September 2021. By partnering with Gemcorp, Angola's operators will be able to provide subscribers with quality services at competitive prices and benefit from a robust national coverage network. 

In June 2021, Gemcorp Capital was involved in a syndicated loan of US$ 105 million to Africell, which built a new data center in Angola’s capital, Luanda, in partnership with Angola Cables. Using this strategy, the Angolan government sold 51% of Network and 90% of Multitel Services de Telecomunicações, a private limited company that provides internet services for businesses. Subsequently, in October 2021, the government of Angola acquired over 50% of Unitel, a Mongolian-managed telecommunications company. Involving the private sector in the government's restructuring of Angola Telecom is part of a broader strategy to improve the country's economy.

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