Orascom Telecom Holding (OTH) has agreed to sell its 50% stake in Tunisiana for US$1.2bn to co-owner Qatar Telecom (Qtel).
Qtel controls Kuwait-based Wataniya Telecom, which already owns 50% of Tunisiana.
A spokesperson at Qtel said that the acquisition…
Orascom Telecom Holding (OTH) has agreed to sell its 50% stake in Tunisiana for US$1.2bn to co-owner Qatar Telecom (Qtel).
Qtel controls Kuwait-based Wataniya Telecom, which already owns 50% of Tunisiana.
A spokesperson at Qtel said that the acquisition would be financed through Wataniya’s existing debt and potentially a shareholder loan. BNP Paribas and Standard Chartered advised Qtel.
In a release, OTH said the proceeds would be used to strengthen its liquidity position and support the development of higher-growth businesses.
VimpelCom and OTH’s parent company, Weather Investments, which are currently in talks to merge, said they fully supported the divestment of Tunisiana.
OTH said the transaction corresponds to a company value equal to 6.7x Tunisiana’s 2009 EBITDA.
The transaction is expected to close in January 2011.
