Orascom in Sale of Eqyptian Company for Mobile Services to Orange
February 24, 2015
Cleary Gottlieb has advised Orascom Telecom Media and Technology Holding S.A.E. (OTMT), a holding company listed on the Egyptian Exchange, in its sale to Orange (formerly France Telecom) of all shares and voting rights held directly or indirectly by OTMT in the Egyptian Company for Mobile Services S.A.E. (ECMS), one of Egypt’s leading mobile telecom providers, operating under the Mobinil brand. The transaction will be completed through the exercise of Orange’s call option pursuant to a shareholders’ agreement signed in 2012, and will entail the transfer to Orange of OTMT’s 5% shareholding in ECMS and of its 28.75% of the voting rights in MT Telecom (the ECMS holding company), for an overall consideration of approximately €209.6 million.