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Monday, 24 September 2018

TE to acquire additional stake in EISCC for USD 15 mn, gaining full control over MENA Submarine Cable

**#5 M&A WATCH- TE to acquire additional stake in EISCC for USD 15 mn, gaining full control over MENA Submarine Cable: Telecom Egypt (TE) announced yesterday that its board of directors approved the acquisition of an additional 50% stake in its subsidiary the Egyptian International Submarine Cable Company (EISCC) for USD 15 mn. The move should allow TE to consolidate fully revenues from MENA Cable, which EISCC recently acquired from Orascom Investment Holding in a USD 90 mn transaction, according to a company press release (pdf). “The completion of today’s transaction marks the second fully owned submarine cable by Telecom Egypt in addition to TE North,” said TE CEO Ahmed El Beheiry.

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