Orange purchases MobiNil stakes from France Telecom
The London-based mobile phone operator Orange will acquire France Telecom’s 71.25 percent share in Egyptian wireless firm, Egyptian Company for Mobile Services ECMS (MobiNil Telecom). Orange will pay $318 million in cash for its parent company’s majority stake in the network.
Orange will share management of MobiNil with Orascom Telecom, MobiNil's other interest holder. In line with intentions expressed by both companies at the time of the Orange IPO (Initial Public Offering) in February 2001, the deal is expected to strengthen Orange's presence in the Middle East and intensify its competition with Vodafone.
Operating since May 1998, MobiNil is currently the largest wireless service provider in the Middle East. The company’s network covers over 93 percent of Egypt’s populated areas with roaming agreements signed with over 75 international carriers. — (menareport.com)
© 2002 Mena Report (www.menareport.com)