Orascom Sells its Tunisian Stakes to Qtel

Orascom Telecom has sold its 50 percent stake in Tunisian mobile operator Tunisiana to a Qatari-Tunisian consortium for $1.2 billion.

The consortium includes Qatar Telecom’s (Qtel), the Kuwaiti unit Wataniya, which already owns 50 percent of Tunisiana, the Qatari landline line and wireless carrier,

Qatar Telecom or Qtel, through Wataniya – Group’s arm in Tunisia, said that they have signed an accord with Orascom to complete the buyout.

Wataniya already holds 50 percent of Telecom Tunisie, or Tunisiana, North African nation’s biggest private telecommunications company.

According to Reuters, of the 50 percent stake, 75 percent is expected to go to Wataniya and 25 percent to Princesse Holding, subject to approval by Tunisian regulators. The deal is expected to pay for Orascom’s debt service.

As per Reuters, Qtel’s Chief Strategy Officer has stated that group is planning to sell shares to the public in its Iraqi unit in two years and in its Tunisian unit in 2011.

Qtel has presence in Pakistan through wi-tribe, country’s second largest WiMAX broadband operator.

Via Reuters

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