Orange cleared to buy ECMS
Orange is clear to proceed with its 6 billion Egyptian pounds (€756 million) takeover of Egyptian Company for Mobile Services (ECMS).
The Egyptian Financial Supervisory Authority has green lighted the French telco’s bid to launch a mandatory share tender to buy the bulk of shares it doesn’t already own in ECMS from partner Orascom Telecom Media and Technology Holding (OTMT).
Orange sought approval earlier this month, after detailing a complex plan to buy all but 5% of OTMT’s direct holdings in the Egyptian carrier. The French operator’s offer period runs from today (April 24) until May 23, and prices ECMS shares at 202.5 Egyptian pounds each.