Orascom Telecom Holding announced it has closed the sale of its 50% stake in mobile operator Tunisiana to co-owner Qtel for US$1.2bn.
Qtel controls Kuwait-based Wataniya Telecom, which already owns 50% of Tunisiana.
The Qatari company is considering…
Orascom Telecom Holding announced it has closed the sale of its 50% stake in mobile operator Tunisiana to co-owner Qtel for US$1.2bn.
Qtel controls Kuwait-based Wataniya Telecom, which already owns 50% of Tunisiana.
The Qatari company is considering listing Tunisiana next summer, strategy head Jeremy Sell was quoted saying last year.
The acquisition will be financed through Wataniya’s existing debt and potentially a shareholder loan. BNP Paribas and Standard Chartered advised Qtel.
OTH said the sale price corresponded to an enterprise value equal to 6.7 times Tunisiana’s 2009 EBITDA. It added that proceeds would be used to strengthen OTH’s liquidity position and support the development of higher-growth business.
