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Wednesday, 28 March 2018

OTMT to complete Inertia acquisition in the next two weeks

M&A WATCH- OTMT to complete acquisition of real estate developer Inertia in the next two weeks: Orascom Telecom Media and Technology Holdings is two weeks away from completing the acquisition of 51% of real estate outfit Inertia for Engineering and Trading’s shares, sources close to the matter said yesterday. The two sides are adding some final touches and concluding negotiations over the value of the transaction. OTMT is expected to acquire the 51% stake through a capital increase and share issuance. Inertia Managing Directors Ahmed El Adawy and Hussein Rifai — who together hold a controlling 60% stake in the company — are expected to retain their seats on the company’s board once the transaction is complete. Matouk Bassiouny is legal counsel for the sellside, while White & Case has been tapped as OTMT’s legal counsel. OTMT had announced in December that it signed an MoU with Inertia to acquire a controlling stake of at least 51%.

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