France Telecom-Orange boosts stake in MobiNil to around 94%

28 May 2012

France Telecom-Orange has taken its holding in Egyptian Company for Mobile Services (MobiNil) to 94%, Reuters reports. The European telecoms giant completed the purchase of 93.9 million shares of the 100 million it did not previously hold at a pre-agreed price of EGP202.5 (USD33.04) per share, with the transaction costing it around EGP19 billion in total.

As previously reported by CommsUpdate, in April 2012 France Telecom-Orange unveiled plans to spend up to EUR1.5 billion (USD1.97 billion) to increase its stake in MobiNil as part of its plans to ramp up its presence in emerging markets. At that date it confirmed it had reached an agreement with its partner in the Egyptian venture, Orascom Telecom Holdings, over the Cairo-listed mobile network operator under which it would acquire all but 5% of MobiNil from Orascom at the EGP202.5 per share price. Later that same month Egypt’s financial market regulator, the Egyptian Financial Supervisory Authority (EFSA), approved the tender offer, which then ran from 24 April 2012 to 23 May 2012.

Egypt, Global Telecom Holding (GTH, formerly OTH), Orange Egypt, Orange Group