France Telecom has acquired 94 percent of Egyptian operator Mobinil in the tender offer, Reuters reported, citing the Egyptian stock exchange. France Telecom executed its purchase of 93.9 million of the 100 million outstanding shares at an agreed price of EGP 202.5 each, valuing the transaction at EGP 19 billion. France Telecom bought most of the Mobinil shares it did not already own from its local venture partner, Orascom Telecom Media and Technology (OTMT). The latter agreed to keep a 5 percent stake in Mobinil. The French group was already the biggest shareholder in Mobinil, and Egypt is a key part of its efforts to expand in high-growth emerging markets such as Africa and the Middle East.
