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.
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