Mergers and Acquistions News
Categories: Telecoms, IT Services & Consulting, Software
July 5th 2010, 19:22PM
Leading Egyptian telecoms firm Mobinil is expecting to boost revenues after its acquisition of Orascom's internet service provider (ISP) business LinkDotNet, it has been reported.
Mobinil, the operating name for the Egyptian Company for Mobile Services, claims that despite tricky times in the first half of the year, the acquisition should mean positive growth, Reuters reports.
Chief executive Hassan Kabbani told the news agency: "The first half was not up to the expectations, our expectations.
"Now we are expecting the second half to be better, because some issues are solved."
His comments follow the $130 million (£86 million) acquisition of Orascom's internet operations on Sunday (July 4th).
Commenting on the deal, Orascom's chief executive Khaled Bichara said: "As per the trend in the global telecom industry, the convergence between ISPs and operators clearly enhances the value for both businesses and enriches the value offering to their consumers."
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