France Telecom to acquire Orascom's stake in Mobinil (Egypt)

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France Telecom to acquire Orascom's stake in Mobinil (Egypt)

April 15, 2009

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France Telecom is in the process of acquiring Orascom Telecom Holding's stake in Egyptian mobile phone operator Mobinil for 530 million euro, following a favourable court ruling. The Arbitration Court of the International Chamber of Commerce ruled that Orascom must transfer its entire 28.75 per cent stake in Mobinil to France Telecom at a price of EGP441,658 per share. The ruling follows an arbitration initiated by Orascom in 2007 that sought to order France Telecom to transfer its Mobinil shares to Orascom Telecom. The ruling means that France Telecom, which currently holds 71.25 per cent stake in Mobinil, will have full control of the company.