A subsidiary of Egypt-based telecoms holding Orascom Telecom Media and Technology (OTMT) has agreed to sell E£140m (US$19.6m) worth of non-core assets to local investment firm Accelero Capital.
The assets to be offloaded include mobile value-added…
A subsidiary of Egypt-based telecoms holding Orascom Telecom Media and Technology (OTMT) has agreed to sell E£140m (US$19.6m) worth of non-core assets to local investment firm Accelero Capital.
The assets to be offloaded include mobile value-added services, online advertising, development and content management.
Egyptian businessman Naguib Sawiris is Accelero’s non-executive chairman and also OTMT’s CEO and executive chairman. According to its website, Accelero has a strategic alliance with OTMT for the provision of management, consultancy and advisory services.
OTMT said in a statement today that its OT Ventures subsidiary has “retained an independent financial adviser (IFA) to value the targeted assets. By comparing the outcome of the IFA’s valuation report against the Accelero Capital offer, the board members confirmed that the transaction is at arm’s length and consistent with the assets’ fair market value”.
The transaction is expected to close in the first quarter of 2015.
OTMT holds various investments in media, technology and telecoms companies, mainly in Egypt, North Korea, Pakistan and Lebanon.
