Mergers and Acquistions News
Categories: Telecoms
November 22nd 2010, 16:53PM
Orascom Telecom has sold its 50 per cent stake in Tunisiana to a subsidiary of Qatar Telecom for $1.2 billion (£751 million).
Orascom is selling its entire stake in Orascom Telecom Tunisie, or Tunisiana, which it owns through Orascom Tunisia Holdings and Carthage Consortium. The other half is owned by Wataniya Telecom, Qatar's subsidiary.
It is believed the transaction has taken place in order to speed up the proposed mega-merger between Orascom and Vimpelcom, as Orascom will reduce its debt via the deal.
Vimpelcom and Weather approved the transaction when the firms signed their merger agreement last month (October 4th) to create the world's fifth largest mobile telecommunications company.
Commenting on the acquisition, Naguib Sawiris, Orascom's executive chairman, said: "This transaction is in line with our strategy to dispose of non-core assets to strengthen OTH's (Orascom's) liquidity position and balance sheet and redeploy capital in our core markets."
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