French incumbent France Telecom has received approval from the Egyptian Financial Supervisory Authority (EFSA) to launch a mandatory offer to buy most of mobile operator Mobinil.
In mid-April, FT and Orascom Telecom Media (OTMT) had agreed on the…
French incumbent France Telecom has received approval from the Egyptian Financial Supervisory Authority (EFSA) to launch a mandatory offer to buy most of mobile operator Mobinil.
In mid-April, FT and Orascom Telecom Media (OTMT) had agreed on the transaction details for the Mobinil deal, which is valued at approximately €1.5bn (US$2.bn).
Following completion, OTMT will retain a 5% direct stake in Mobinil while FT will increase its stake to 95%.
The mandatory offer will be open from 24 April 2012 to 23 May 2012.
