Orascom Telecom completes Tunisia deal
Orascom Telecom Holding announced that it had completed the sale of its entire shareholding in Orascom Tunisia Holding Ltd and Carthage Consortium Ltd, two companies through which OTH owns 50% of Orascom Telecom Tunisie (“Tunisiana”), to Qatar Telecom Q.S.C. (“Qtel”).
As announced on 22 November 2010, this transaction is for a total cash consideration of US$ 1.2 billion and it corresponds to an enterprise value equal to 6.7 times Tunisiana’s 2009 EBITDA and generates over 40% annual return on OTH’s investment in the business since 2003.
Proceeds will be used to strengthen OTH’s liquidity position and support the development of higher-growth businesses, the Egyptian company said.