Copying and distributing are prohibited without permission of the publisher
France Telecom takes 94% of Mobinil
28 May 2012
France Telecom-Orange increases stake in Egypt’s Mobinil by buying 93.9m shares from Naguib Sawiris
Read more:
Mobinil
Egypt
Orange
France Telecom
Sawiris
Orascom
VimpelCom
France Telecom-Orange now owns a 94% stake in Egypt’s Mobinil after a tender offer for 93.9 million shares, Reuters reported, citing the country’s stock exchange.
The operator was already a majority shareholder in Mobinil and has now acquired additional shares from the minority shareholder, Naguib Sawiris’s Orascom Telecom Media and Technology. Sawiris will keep a 5% stake in Mobinil.
France Telecom bought the 93.9 million shares on May 27 of the 100 million outstanding at a pre-agreed price of 202.5 Egyptian pounds each. The value of the transaction was $3.15 billion.
Orascom’s stake in Mobinil was not involved in the 2011 transaction which saw VimpelCom become the major shareholder in most of Orascom’s operations. GTB
More from GTB
Orascom defers $400m MENA cable project 16 May 2012
France Telecom agrees Mobinil takeover 13 Apr 2012
Orange to raise stake in Egypt's Mobinil 13 Feb 2012
VimpelCom retains brands but aims to save $2.5bn in ... 09 Feb 2012