Telecom Egypt signs SPA for acquisition of OTMT’s MENA Cables
M&A WATCH- TE inks SPA for USD 90 mn acquisition of OTMT’s MENA Cables: Telecom Egypt (TE) subsidiary the Egyptian International Submarine Cables Company (EISCC) has executed a sale and purchase agreement for the USD 90 mn acquisition of Orascom Telecom Media and Technology (OTMT) subsidiary MENA Cables, according to a statement to the EGX (pdf). TE expects the transaction to close in c. 60 days as conditions precedent are satisfied. OTMT said in a separate statement (pdf) it will look to put the proceeds of the sale towards financing its expansion in the finance, real estate, agriculture, entertainment and logistics sectors. TE had announced earlier this month that its board of directors approved financing the acquisition through a shareholder loan to its cable subsidiary. MENA Cable is licensed in Egypt and Italy to operate a submarine telecoms system connecting Europe to the Middle East and Southeast Asia.
Advisors: EISCC was advised our friends at ALC Law Office as well as Al Tamimi & Co. KPMG and First Capital Financial Advisory were financial advisors, while Metel ICT was technical advisor. OTMT did not disclose its advisors.