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FINANCIAL NEWS
France Telecom to pay $300m in Orascom settlement
27 Apr 2010
(MENAFN) France Telecom announced that it has agreed to pay $300 million as part of a deal to end a long-running dispute with Egypt’s Orascom Telecom over a mobile phone service provider they jointly own.
Under the deal, the companies agreed to keep their ownership structure unchanged and end all other related disputes linked to the buyout of ECMS shares by France Telecom.
The payment comes after the two companies announced April 14 a deal ending a bitterly disputed arbitration court ruling over ownership of Mobinil, a holding company with a majority stake in the Egyptian Company for Mobile Services, which operates under the brand name Mobinil.
France Telecom said the $300 million fee will be payable once the settlement is implemented.
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