Orascom Telecom sell Tunisia stake in $1.2 billion deal

Egypt's Orascom Telecom says it is selling its entire 50 percent stake in its Tunisian subsidiary to Qatar Telecom in a deal valued at $1.2 billion.

By Agencies | Nov 22, 2010, 02.21 PM IST

CAIRO: Egypt's Orascom Telecom says it is selling its entire 50 percent stake in its Tunisian subsidiary to Qatar Telecom in a deal valued at $1.2 billion.

The Cairo-based mobile phone giant said in a statement Monday that the deal to sell off its stake in Orascom Telecom Tunisie is part of its push to strengthen liquidity. It said the deal would be completed in January.

OT's parent company, Weather Investments SpA, had agreed in October to a merger with Russia's VimpelCom Ltd. The roughly $6.5 billion deal would create the world's fifth largest mobile telecommunication service provider by subscribers.

Orascom has been working to sell off some assets as part of the merger.

OT has operations in several African and Asian countries, as well as Egypt.

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