France Telecom confirms Mobinil stake increase
France Telecom will increase its ownership of leading Egyptian telecommunications giant Mobinil, both companies announced earlier on Monday.
Mobinil CEO Hassan Kabbani (image: Mobinil)
The deal comes after several weeks of discussion with Orascom surrounding the Egyptian telecommunications company’s future. France Telecom agreed to invest €1.5 billion, while Orascom retains 5% as well as their voting rights, according to a source familiar with the deal.
The deal follows France Telecom’s investment in emerging markets due to the European market’s slowdown in mobile services.
France Telecom already owns 71.25% of Mobinil since their first investment in 2001.
Ahmed al-Hilali
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