France Telecom will pay Egyptian partner Orascom Telecom Media and Technology (OTMT) 110 million euros for taking over a management services contract for their mobile phone venture Mobinil.
Egypt is a key part of France Telecom's efforts to expand in high-growth emerging markets such as Africa and the Middle East. It bought most of OTMT's stake in Mobinil this year for 19 billion Egyptian pounds, lifting its majority stake to 94 percent.
OTMT's announcement of the France Telecom payment surprised some analysts, who had expected the Egyptian company simply to lose the service contract fees because of its reduced ownership of Mobinil.
No comments:
Post a Comment