Orascom TMT sells MENA subsea cable to Bharti Airtel

News Broadband Africa 21 DEC 2016
Orascom TMT sells MENA subsea cable to Bharti Airtel

Orascom Telecom Media and Technology (OTMT) announced that it has executed a sale and purchase agreement with Network i2i, a subsidiary of Indian operator Bharti Airtel, for the sale of the Middle East and North Africa Submarine Cable (MENA). No financial details of the sale were disclosed.

OTMT aims to conclude the transaction by the end of the first quarter of 2017. The decision to divest MENA is in line with OTMT’s strategy to divest its non-core assets. OTMT intends to use the proceeds of the sale in its recently expanded lines of operations. These are mainly the financial, real estate and logistics sectors. 

MENA is a licensed operator in Egypt and Italy of a submarine telecommunications system connecting Europe to the Middle East and South Asia. It is live with multi-Tbps connections to Mumbai, Italy, Egypt, Oman and Saudi Arabia and has options for extensions to Cyprus, Greece, Djibouti, Yemen, Iran, Lebanon, Libya and Sudan. Airtel said the addition of the cable will support its ability to deliver data services to its operations in south Asia and Africa. 

Categories:

Fixed

Companies:

Bharti Airtel,  Orascom Telecom Media and Technology

Regions:

Africa,  Asia

Tags:

Bearer technology, Company, Fibre, Wireline, Corporate, M&A buyouts & divestments

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