The Algerian authorities have selected Curtis Mallet-Prevost Colt & Mosle LLP to advise on the acquisition of mobile operator Djezzy from Orascom Telecom, according to local reports.
The American law firm reportedly bid at E1.8m, while Sherman Sterling,…
The Algerian authorities have selected Curtis Mallet-Prevost Colt & Mosle LLP to advise on the acquisition of mobile operator Djezzy from Orascom Telecom, according to local reports.
The American law firm reportedly bid at E1.8m, while Sherman Sterling, the other law firm in the race, offered to do the work for E3.6m.
The eight other candidates for the advisory role were Global Investment House, Goetz Partners, Grant Thornton, HSBC, Renaissance Capital, Rothschild, RSM and Swicorp.
Orascom Telecom, owned by Egyptian businessman Naguib Sawiris, has been entangled in a dispute with Algeria since last year, when the authorities demanded some US$600m fines and back taxes.
The Algerian government has underlined its determination to nationalise Djezzy. In December, OTH received a final tax notification from the Algerian Tax Department for Large-Scale Companies, which claims that Orascom Telecom Algeria owed about AD17bn (US$230m) in re-assessed tax for 2008 and 2009. Orascom said it would take all legal steps to challenge the re-assessment.
