Back to the complete issue
Monday, 14 May 2018

TE to finalize MENA Cables acquisition within a week

M&A WATCH- TE to finalize MENA Cables acquisition within a week: Telecom Egypt (TE) expects to finalize the details of its USD 90 mn acquisition of MENA Submarine Cables Systems within a week, TE CFO Mohamed Shamroukh reportedly said yesterday, Al Mal reports. TE is currently confluding negotiations with Orascom Telecom and Media and Technology, which is looking to sell 100% of MENA Cables, and will soon begin seeking the National Telecommunications Regulatory Authority sign off on the agreement. TE announced last Thursday that it would finance the transaction through a shareholder loan to its subsidiary cable business. We had heard that TE was close to tapping EFG Hermes to advise on the transaction.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2018 Enterprise Ventures LLC.