France Telecom: Orange to Take Full Control of Egyptian Unit
France Telecom subsidiary Orange is to spend 1.5 billion euros ($1.98 billion) for full control of its Egyptian subsidiary MobiNil/ECMS, it said on Thursday.
The move is in line with an agreement with its local partner Orascom which was announced in February, the statement said.
Orange will pay Orascom 6.0 billion Egyptian pounds (755 million euros) for most of Orascom's shares in holding company MobiNil, which is not listed on the stock exchange and in its quoted operating business Egyptian Company for Mobile Services (ECMS).
Orange will also acquire via a public offer the 29.0 percent of ECMS held by the public.
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