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Wednesday, 16 May 2018

TE, MENA Cables reach final agreement on acquisition

M&A WATCH- TE, MENA Cables reach final agreement on acquisition: Telecom Egypt and MENA Submarine Cables System have reached a final agreement on all the details of TE’s USD 90 mn acquisition of MENA Cables, sources close to the transaction tell Al Mal. Orascom Telecom Media and Technology (OTMT) is selling 100% of the cable operator, as we noted on Sunday. The transaction is now waiting on state and and regulatory approvals. TE announced last Thursday that it would finance the transaction through a shareholder loan to its cable subsidiary.

Advisors: The state-owned fixed-line monopoly had tapped Al Tamimi & Co. as its legal advisor, while Ibrachy Legal Consultancy was advisor to TE, according to the sources. We had also heard that TE was close to tapping EFG Hermes to advise on the transaction.

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