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Egypt International Submarine Cable Company (EISCC) has agreed to acquire Orascom Telecommunications Company (OTMT) MENA submarine cable stake
for $90 million.
EISCC, a 50%-owned subsidiary of ET, previously announced on May 10, 2018 that its Board of Directors approved its subsidiary EISCC's acquisition of shares in the Middle East and North Africa Submarine Cable (MENA) for a total value of US$90 million, which will be financed
through EGYPT's shareholder loan.
Ahmed El Beheiry, CEO of Telecom Egypt, said, "We are delighted to have reached an agreement
with OTMT.
As mentioned earlier, the decision to acquire shares in MENA Submarine Cable Systems is one of the most important steps in implementing the company's strategic plan to ensure the sustainability of
submarine cable revenues and strengthen dollar revenue streams.
”
"The new cable will add to Telecom Egypt's submarine cable network, strengthen global internet connectivity, provide maximum route capacity between India and Europe, and add a new gateway
to Europe through Italy.
" Ahmed El Beheiry further added that the decision to acquire MENA Cable is in line with the Egyptian telecommunications company's strategy
to achieve short-term investment returns and protect revenue streams from submarine cable systems.
According to the SPA agreement signed by the parties, the final completion of the transaction is completed within 60 days after all conditions precedent are met
.
Earlier this year, Egypt Telecom signed a three-year capacity transmission and infrastructure agreement with Vodafone Egypt worth more than 2 billion Egyptian pounds (about $133 million).
Egypt International Submarine Cable Company (EISCC) has agreed to acquire Orascom Telecommunications Company (OTMT) MENA submarine cable stake
for $90 million.
EISCC, a 50%-owned subsidiary of ET, previously announced on May 10, 2018 that its Board of Directors approved its subsidiary EISCC's acquisition of shares in the Middle East and North Africa Submarine Cable (MENA) for a total value of US$90 million, which will be financed
through EGYPT's shareholder loan.
Ahmed El Beheiry, CEO of Telecom Egypt, said, "We are delighted to have reached an agreement
with OTMT.
As mentioned earlier, the decision to acquire shares in MENA Submarine Cable Systems is one of the most important steps in implementing the company's strategic plan to ensure the sustainability of
submarine cable revenues and strengthen dollar revenue streams.
”
"The new cable will add to Telecom Egypt's submarine cable network, strengthen global internet connectivity, provide maximum route capacity between India and Europe, and add a new gateway
to Europe through Italy.
" Ahmed El Beheiry further added that the decision to acquire MENA Cable is in line with the Egyptian telecommunications company's strategy
to achieve short-term investment returns and protect revenue streams from submarine cable systems.
According to the SPA agreement signed by the parties, the final completion of the transaction is completed within 60 days after all conditions precedent are met
.
Earlier this year, Egypt Telecom signed a three-year capacity transmission and infrastructure agreement with Vodafone Egypt worth more than 2 billion Egyptian pounds (about $133 million).
