Mergers and Acquistions News
Categories: Telecoms
April 6th 2009, 15:23PM
A court has ordered Arab telecoms firm Orascom Telecom Holding to sell its shares in Mobinil to France Telecom.
The International Court of Arbitration of the International Chamber of Commerce stepped into settle a dispute that arose within Mobinil shareholders and made its decision last week.
The court ruled that a deadlock situation had occurred and that Orascom has initiated a valid deadlock procedure.
Following the hearing, Orascom must sell and transfer its shares in Mobinil to FT at a price equivalent to EGP 273.26 (£32.6) per share.
A statement from Orascom read: "At this offer price, we estimate that the sale of OTH’s interest in the Mobinil Companies would amount to approximately $1.7 billion [£1.4 billion].
"The proceeds would be used to enhance/support OTH's future expansion plan."
France Telecom, whose flagship brand is Orange, has over 182 million customers in 30 countries.
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