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Kenya: Hong Kong-based logistics company Frontier Services Group has fully acquired air charter company Phoenix Aviation. The deal for the proposed acquisition of 100 per cent of the issued share capital of Phoenix Aviation by Frontier Services Group Limited has been approved by the Competition Authority of Kenya. The competition regulator made the announcement in the latest issue of the Kenya Gazette but the notice was dated July 30, 2014.
Earlier announcements on the deal were that Frontier Services Group, associated with Ex-Blackwater CEO and former US Navy Seal Erik Prince, was buying a 49 per cent stake in Phoenix Aviation at $14 million (Sh1.2 billion). This could now mean that Frontier Services Group has paid more than Sh2.4 billion for the entire stake.
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