FINANCIAL NEWS

MTN bids $7.8b for Orsacom?s Algerian unit

03 Jun 2010

(MENAFN) South Africa’s MTN has offered to pay $7.8 billion for Orascom Telecom’s lucrative Algerian unit Djezzy, Orascom’s chairman said, putting a price to a deal blocked by Algeria.

The Egyptian mobile firm said last week it would enter talks to sell Djezzy to the Algerian government after weeks of pressure from Algerian officials, who said the state had the right to bid on the unit before any foreign buyer.

Djezzy was the main component in a possible broader deal that would have made MTN the world’s third-biggest mobile firm if all of Orascom’s assets were included.

The Algerian veto threw doubt on the chance of a larger deal going through, but talks over the sale of some Orascom assets to MTN have nevertheless continued between the two firms.

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