Incumbent France Telecom has completed a tender offer to buy a 95% stake in Egyptian mobile operator Mobinil, according to a statement published on the Egyptian Exchange website.
In mid-April, FT and Naguib Sawiris’s Orascom Telecom Media and…
Incumbent France Telecom has completed a tender offer to buy a 95% stake in Egyptian mobile operator Mobinil, according to a statement published on the Egyptian Exchange website.
In mid-April, FT and Naguib Sawiris’s Orascom Telecom Media and Technology (OTMT) had agreed on the transaction details for the Mobinil deal, valued at approximately €1.5bn (US$2bn).
A few weeks later, FT received approval from the Egyptian Financial Supervisory Authority to launch a mandatory offer to buy most of Mobinil.
OTMT, which directly and indirectly controlled 34.67% of Mobinil before the deal, retains a 5% stake in the company. FT previously held 36.33% of the operator while 29% was in free float.
Following deal closure, OTMT continues to be involved in the management of the company, including the appointment of the CEO.
