Dubai - Mubasher: Abraaj Group on Wednesday announced that it had entered into a definitive agreement to purchase a minority stake in Tunisia's Société Nationale des Télécommunications (Tunisie Telecom) from Emirates International Telecommunications.
The Dubai-based private equity firm gave no further infromation about the value of the deal.
Tunisie Telecom is an integrated telecom services operator that serves over five million customers in Tunisia and has infrastructure, which enables connectivity to Europe, Africa, and Asia, according to a company statement.
The Tunisia-based telecommunications firm holds assets in Malta, Cyprus and Mauritania, Abraj added.
“This is a landmark transaction for Abraaj, as it marks our first investment into the telecommunications sector, as well as our tenth investment in Tunisia,” said Ahmed Badreldin, head of Middle East and North Africa at Abraaj Group.
“We look forward to working with Abraaj as we develop our strategy to position Tunisie Telecom as a pan-Mediterranean telecom leader,” Mohamed Anouar Maarouf, Tunisia’s Minister of Information Technologies and Digital Economy, commented.
The deal will be closed after the completion of the customary closing conditions, such as government approvals, the UAE-based company remarked, noting that Arab Banking Corporation (Bank ABC) had acted as the deal’s sole underwriter and arranger.
