Bloomberg News

Orascom Shareholders Agree to Sell Mobinil to France Telecom

March 01, 2012

March 1 (Bloomberg) -- Orascom Telecom Media & Technology Holding SAE investors voted to sell most of the Egyptian company’s stake in mobile-phone operator Mobinil to France Telecom SA. (FTE)

Almost 100 percent of investors voted in favor of a sale, Orascom Telecom (ORTE) Chief Executive Officer Khaled Bichara told reporters after a shareholders meeting.

Orascom, headed by billionaire Naguib Sawiris, said on Feb. 23 it would earn about 6 billion pounds ($995 million) from the sale. France Telecom reached a preliminary agreement with Sawiris to buy most of his stake for 202.5 pounds a share and will offer the same amount for Mobinil shares traded on the Egyptian Exchange, valuing the deal at about $2 billion.

The company planned to keep a 5 percent direct stake in Mobinil, or Egyptian Co. for Mobile Services.

France Telecom already owned about 71 percent of the company that controls Mobinil.

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