Breaking: MTN May Buy Orascom

MTN Group, Africa’s largest mobile-phone operator, is preparing to buy Orascom’s operations, at least in Egypt, Algeria, Zimbabwe and Tunisia, reported Financial Times and Business Week.

Based on information from three different sources, without mentioning the name, Business Week said that MTN has approached banks for $5 billion to help fund the acquisition of Orascom Units.

The acquisitions may include Orascom’s operations in Egypt, Algeria, Zimbabwe and Tunisia and the total transaction may be valued at as much as $10 billion.

MTN, based in Johannesburg, said in an e-mail that while it can’t comment on specific corporate activity, the company wrote: “continues to seek value-accretive expansion opportunities in emerging markets.”

Manal Abdel- Hamid, Orascom’s Cairo-based spokeswoman, declined to comment.

Last month UAE based English Newspaper “The National” first said in a story, while quoting Mr. Swaris, that Orascom is evaluating a number of partners that could acquire a major stake or merge with Orascom.

However, later on Orascom denied stake sale talks, which were reported based on Mr. Swaris’ own statement.

Tech reporter with over 10 years of experience, founder of ProPakistani.PK

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