MTN Group, the South African telco, has cancelled talks to raise US$5bn from bankers to finance the acquisition of part or all of the assets of Egypt’s Orascom Telecom, say bankers.
The deal had looked in doubt since the Algerian government announced…
MTN Group, the South African telco, has cancelled talks to raise US$5bn from bankers to finance the acquisition of part or all of the assets of Egypt’s Orascom Telecom, say bankers.
The deal had looked in doubt since the Algerian government announced that it would stop Orascom selling its Algerian subsidiary – by far its most profitable asset – to another operator.
Since then, two Algerian ministers have said that the state wants to buy Orascom Telecom Algérie for itself.
Orascom Telecom Algérie generated 49% of group Ebitda in 2009.
MTN declined to comment.
