Mobile operator France Telecom has finalized the agreement terms to buyout shares in Mobinil, an Egypt based telecom company, from its local partner OTMT.
According to reports, the companies said in a statement that the agreement means France Telecom will now launch a tender offer to acquire 100 percent of Mobinil’s capital at a price of $ 33.5 per share, subject to regulatory approval.
The statement added that OTMT is expected to receive aggregate proceeds of $994 million for its direct and indirect ECMS stake tendered.
As per reports, France Telecom would control a 95 percent stake in Mobinil post this agreement. The move comes as an attempt by France Telecom to enhance its presence in emerging markets.