Cairo – Mubasher: Telecom Egypt and MENA submarine Cables has reached a final agreement regarding TE’s full acquisition of the latter for $90 million.
TE has hired Al-Tamimi & Co. Law Firm as its legal advisor, while Ibrachy Legal Consultancy (I&P) is the legal advisor to Orascom Telecom Media and Technology Holding (OTMT), sources familiar with the matter told Almal News.
Last week, the board of the state's landline monopoly had approved a subsidiary's acquisition of MENA Submarine Cable at a total value of EGP 1.6 billion ($90 million) that will be financed through a shareholder loan from TE.
In March, OTMT said it will sell its shares in MENA Submarine Cable for $90 million.
