Orange increases stakes in Mobinil for €210 million
23 February 2015 |
Orange has agreed to increase its stake in Egypt’s Mobinil for approximately €210 million.
Orasom Telecom Media and Technology (OTMT) will sell its 5% direct stake in the Egyptian Company for Mobile Services (ECMS) – Mobinil’s holding company – at €32 (280.7 Egyptian pounds) a share.
The transaction, which will be completed through the exercise of Orange’s call option under a 2012 shareholders agreement, will increase the company’s stake in Mobinil from 94% to approximately 99%.
At the third quarter of 2014, Mobinil had 33 million customers and recorded 4% year-on-year growth in revenues.
The transaction is expected to be finalised by the end of the first quarter this year.
Orange has explored several acquisitions in the region including Bharti Airtel’s African assets in a bid to strengthen its business in Africa. Last September, the company expanded its mobile money offering in Africa through partnerships with several banks in the region.
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