Qatar Telecom said Wednesday it has acquired Orascom Telecom Holding's remaining 50 percent share in Orascom Telecom Tunisie, Tunisiana, for 1.2 billion dollars.
"The acquisition of the remaining stake took place in return for 1.2 billion dollars," said a statement by Qtel, adding that the take-over was conducted through the Qatari group's subsidiary Wataniya Telecom, in which it owns 52.5 percent stake. Qtel had announced in November teaming up with a Tunisian consortium led by Princesse Holding to acquire the share of Cairo-based Orascom in Tunisia's second mobile operator, which has 5.7 million subscribers.
Princesse Holding is a diversified company led by Sakher El Materi, the son-in-law of Tunisian President Zine El Abidine Ben Ali. It has investments in car distribution, tourism, property, media, financial services and agriculture.
Qtel is the largest telecom company in the Middle East and North Africa by number of operations, with a presence in 17 countries and more than 68 million customers.
Orascom Telecom confirmed the sale in a statement posted on its website.
It said the value of the deal "corresponds to an enterprise value equal to 6.7 times Tunisiana's 2009 EBITDA" (earning before interest, tax, depreciation and amortisation).
"Proceeds will be used to strengthen OTH's liquidity position and support the development of higher-growth businesses," it added. Weather Investments, the parent firm of Orascom, and VimpelCom, had supported the divestment from Tunisiana, saying it was "in accordance with the Share Sale and Exchange Agreement" signed between the two parties on October 4.
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