Orascom Telecom to vend OrasInvest for $180 million (Egypt)
Orascom Telecom has given consent to vend its service company OrasInvest to Abu Dhabi Investment for $180 million. Abu Dhabi Investment will pay $90 million in cash this month and the remaining $90 million in the form of interest-bearing promissory notes due 12 months after the completion of the transaction. According to Orascom, it will continue to use OrasInvest’s services through a service agreement that is part of the deal, which is the first step in a plan to outsource activities which are not central to OT’s GSM mobile operations. Chairman of Orascom Telecom, Naguib Sawiris, said, “The sale of OrasInvest, which was decided in early 2008, will also result in a significant profit for the company and in significant value creation for our shareholders.”
