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Monday, 4 December 2017

TE submits offer to acquire MENA from OTMT?

M&A WATCH- TE submits offer to acquire MENA cable from OTMT? Telecom Egypt has reportedly submitted an offer to acquire MENA Submarine Cable Systems (MENA) from Orascom Telecom Media and Technology (OTMT), unnamed government officials tell Al Borsa. TE is looking to link MENA’s cables with its own TE North cable, which connects Egypt to France. Last we heard, OTMT was selling 100% of MENA to Network i2i, a subsidiary of India’s Bharti Airtel. The source claims, however, that OTMT’s December 2016 agreement with the Indian company fell through due to obstacles in obtaining necessary security clearances. OTMT’s decision to sell its stake in MENA, which was reportedly valued at USD 90 mn, had been part of its strategy to boost profitability by divesting non-core businesses.

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