Report: Head of Egypt telecom Orascom sees conclusion of talks with SAfrica’s MTN within weekBy AP
Sunday, May 30, 2010
Report: Orascom-MTN talks to end in a week
CAIRO — The chairman of Egyptian mobile phone giant Orascom Telecom says he expects talks with South Africa’s MTN Group over the purchase of some of Orascom’s units will be wrapped up within a week.
In comments carried Sunday by al-Mal financial daily, Naguib Sawiris says MTN, Africa’s largest mobile phone service provider, confirmed it was committed to moving along with a potential buyout of Orascom’s African assets.
The potential deal, which had been valued at as much as $10 billion, faced an obstacle when the Algerian government recently indicated it would block any attempt by Orascom to sell its Djezzy subsidiary in the country to MTN. Djezzy is Orascom’s biggest unit by revenue, and was seen as the prize of the deal.
Tags: Africa, Cairo, Egypt, Middle East, North Africa