Orange buys MobiNil stake
Orange has agreed to buy a controlling stake in Egyptian mobile operator MobiNil.
Orange, one of the world’s largest telecommunications companies, has agreed to buy a controlling stake in Egyptian mobile operator MobiNil.
Orange will pay US$321 million for the 71.25% stake, which is currently owned by France Telecom. The deal means Orange will have operations in 22 countries around the world.
Orange will have joint control of MobiNil along with Orascom Telecom Holding. MobiNil owns 51% of Egyptian Company for Mobile Services, which markets its services under several brands including MobiNil, Moga and Alo. With 2.1 million active subscribers at the end of March, ECMS is Egypt’s number one provider of wireless services.
"We are pleased to be adding ECMS to the Orange group, thereby expanding the Orange footprint to a country with almost 70 million inhabitants and adding a valuable asset to Orange’s portfolio,” said Jean-Francois Pontal, CEO of Orange.