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.