Announced Te WE on the leadership of the Egyptian world of the planets return of the Marine (EISCC), one of its affiliates, Batman the procedures of acquisition of a share company Orascom Investment Holding Company in the Middle East and North Africa cables (mini cable), the total value of the facility to $ 90 million, distributed between $ 40 million value of equity (stock) and 50 million dollars worth of city budgets company mini cable, said financial group Hermes (EFG-Hermes) to the implementation of the transaction by the Te.
Commented Ahmed Behairy managing director and Chief Executive Officer of Telecom Egypt said: “the happy completion of the transaction, which will be under its cable to the mini marine’s network of cadres of TE is possible in the East and West in line with the company’s strategy to expand in the field of cables international to enable Egypt from the control of the digital world.”
The decision followed the acquisition in order to benefit from the remarkable growth in international internet traffic coming from India, Saudi Arabia, seeing the TE to the possibility of achieving the return on short-term from this investment.
Added award: “already declared in last August we signed a memorandum of understanding with the company Airtel India under which the company will Te around between services on the cable mini with services to the rest of the network telecom Airtel India where you will get the last on the right of use (IRU) to use some fiber optic cable mini marine cable TV North (TE North) in addition to the large capacity on the basis of long-term system two planets meet new (SMW5 وAAE1). It is expected the completion of that partnership officially soon, which will secure the TE to recover the full value of the investment in the deal to mini cable.”
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