Orange To Buy Orascom's Participation, Rights In Mobinil

(RTTNews) - Telecommunications operator Orange (ORAN) said Monday that it agreed with Orascom Telecom Media and Technology or OTMT to purchase all the shares and voting rights held directly or indirectly by OTMT in Mobinil or ECMS, the Egyptian Company for Mobile Services. The deal is worth 209.6 million euros and through the transaction, Orange will increase its stake in ECMS from around 94% to around 99% of the capital. Orange said it will use its call option signed in April 2012.

Orascom 's direct stake in ECMS will transferred as a "over the counter" transaction between the two main shareholders. The transaction will be finalized by the end of Q1 2015. Through this investment, Orange confirms its commitment to the Egyptian market as one of its most important assets in the Africa-middle east region and its largest market in terms of customers.