OTMT backs out of Inertia acquisition after talks falter
M&A WATCH- OTMT and Inertia suspend acquisition talks: Orascom Telecom Media and Technology (OTMT) announced yesterday that it has decided to suspend negotiations for the acquisition of a 51% stake in real estate outfit Inertia for Engineering and Trading, after it failed to reach an agreement with the company. OTMT said it intends to continue pursuing other investment opportunities in the real estate sector. The company had said last month that it was two weeks away from finalizing the acquisition and was in the process of hammering out final details on the value of the transaction with Inertia. Matouk Bassiouny had been tapped as legal counsel for the sellside, while White & Case acted as OTMT’s legal counsel.