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Tuesday, 5 December 2017

TE denies it offered to acquire MENA cable from OTMT

M&A WATCH- TE denies it offered to acquire MENA cable from OTMT: Telecom Egypt has denied submitting an offer to acquire MENA Submarine Cable Systems (MENA) from Orascom Telecom Media and Technology (OTMT) in a bourse filing on Monday (pdf). We had noted reports from Al Borsa yesterday citing government sources saying that OTMT’s December 2016 agreement to sell 100% of MENA to Network i2i, a subsidiary of India’s Bharti Airtel, had fallen through due to obstacles in obtaining necessary security clearances. The newspaper claimed that TE was looking to swoop in to link MENA’s cables with its own TE North cable, which connects Egypt to France.

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