Orascom Telecom Holding S.A.E. (OTA) announced Tuesday that as part of the implementation of its strategy to maximize its equity stake in its key GSM operations, it has signed an agreement to acquire additional 2.83% and 2.00% equity stakes in its Algerian (“OTA”) and Tunisian (“OTT”) GSM operations respectively, for a total consideration of US$ 39.3 million.
OTH will increase its proportionate stake in OTA to 62.14% from 59.31% and will increase its ownership in OTT to 22.47% from 20.47%.
The transaction will be funded through a combination of debt and cash flow. OTH will extend the same offer to minority shareholders in Orascom Telecom Algeria, and Orascom Telecom Tunisia.