Egypt regulator clears France Telecom's Mobinil offer

News Wireless Egypt 23 APR 2012
Egypt regulator clears France Telecom's Mobinil offer
Egypt's financial market regulator EFSA said that France Telecom can go ahead with a tender offer for a stake in mobile operator Mobinil held by local shareholder Orascom Telecom Media and Technology, Reuters reports. France Telecom plans to buy most of OTMT's stake for EUR 1.5 billion. Some media had reported that EFSA may reject the deal, or was delaying it until the French firm responded to a request for information. In a statement confirming its approval, EFSA gave a list of technical requirements the companies must fulfill, such as publishing full details of the tender offer within two days.

Categories:

Mobile

Companies:

France Telecom,  MobiNil,  Orascom Telecom

Countries:

Egypt

Tags:

Regulations, M&A buyouts & divestments

Related Articles

EGYPT 17 MEI 2012

Mobinil board approves France Telecom buyout offer

The board of Egyptian operator Mobinil has approved the mandatory buyout offer submitted by France Telecom subsidiary MT Telecom for 100 million shares (100%) of Mobinil. Independent financial advisor HC Securities had valued the company's shares at EGP 117.34 compared with the submitted price of EGP 202.5 per share. Mobinil added in a statement sent to the bourse that the board considers the submitted price good for shareholders, workers and company.

EGYPT 1 MEI 2012

Mobinil posts Q1 net loss

Egyptian mobile operator Mobinil reported a net loss of EGP 74 million for the first quarter, versus a profit of EGP 54 million a year earlier, due to costs for rolling out its 3G network and a bonus to employees. Capex rose 52.8 percent from a year earlier to EGP 304 million, after an exceptionally low amount last year due to the political conflict in Egypt. Revenue rose 3.9 percent year-on-year to EGP 2.5 billion on growth in data and broadband services, and EBITDA improved 4.4 percent to EGP 883 million,

EGYPT 27 APR 2012

Mobinil names financial adviser for FT bid

Egyptian operator Mobinil announced that the company's board has assigned Cairo Financial Investments Company (CFIC) as its independent financial adviser to evaluate the mandatory tender offer submitted by France Telecom to increase its stake in Mobinil.

EGYPT 20 APR 2012

Mobinil share trading suspended at regulator request

Egypt's stock exchange has suspended trading in mobile operator Mobinil and Orascom Telecom Media and Technology (OTMT) on the request of the country's regulator, Reuters reports citing the bourse. The regulator is weighing up whether to approve France Telecom's plan to purchase most of OTMT's stake in Mobinil for EUR 1.5 billion, and there have been media reports saying it was poised to reject the deal, or was delaying it until the French firm responded to a request for information. Under the terms of the

EGYPT 12 APR 2012

France Telecom agrees terms to buy Mobinil shares

France Telecom has reached a final agreement on terms to increase its stake in Egyptian mobile operator Mobinil. The agreement is in line with the preliminary agreement announced in February with local partner OTMT. France Telecom currently holds 71.25 percent of the MobiNil holding company, while OTMT holds the remaining 28.75 percent. Mobinil subsequently owns 51.03 percent of ECMS, Mobinil's listed holding company, in which OTMT directly owns 20 percent and 29 percent is listed on the Egyptian stock mark

Just In

19 DEC 16:42

SLT-Mobitel launches 5G network in Sri Lanka

19 DEC 16:19

Dialog Axiata launches 5G network, connects 1.5 million subscribers

19 DEC 15:56

UK govt to ban AI-enabled nudification apps to protect women, girls

19 DEC 15:42

3 UK launches last-minute Christmas sale

Commentary

13:56

Video market set for slower growth ahead

11:38

Netflix buys Warner Bros to deepen content catalogue

11:11

KPN's mixed performance in Q3 raises questions for strategy day

15:26

Stock markets breaking records but what happened to Odido's IPO plans?

Background

01:04

The week in telecom: Wi-Fi bolt-ons take off to boost broadband growth, video market works on consolidation

01:39

The week in telecom: Netflix wins bidding for Warner Bros, Apple poaches new execs, Samsung debuts trifold

13:51

Proximus vs. Telenet: Proximus performs better in Q3 while Telenet uses up cash

14:16

Proximus Domestic still struggling with low margins

Complete profile

Before downloading the whitepaper, we would like to ask you to complete your profile with company and position. After confirming you will receive the white paper.