{"id":628734,"date":"2018-05-13T04:18:55","date_gmt":"2018-05-13T04:18:55","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/13\/te-to-acquire-otmts-mena-cables-in-usd-90-mn-transaction-obtain-long-term-usd-credit-facilities\/"},"modified":"2018-05-13T04:18:55","modified_gmt":"2018-05-13T04:18:55","slug":"te-to-acquire-otmts-mena-cables-in-usd-90-mn-transaction-obtain-long-term-usd-credit-facilities","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/13\/te-to-acquire-otmts-mena-cables-in-usd-90-mn-transaction-obtain-long-term-usd-credit-facilities\/","title":{"rendered":"TE to acquire OTMT\u2019s MENA Cables in USD 90 mn transaction, obtain long-term USD credit facilities"},"content":{"rendered":"

<\/a> M&A WATCH- TE to acquire OTMT\u2019s MENA Cables in USD 90 mn transaction, obtain long-term USD credit facilities: <\/strong>Telecom Egypt (TE) announced on Thursday<\/a>\u00a0that its board of directors has signed off on the decision to acquire Orascom Telecom and Media Technology\u2019s (OTMT) MENA Submarine Cables Systems in a USD 90 mn transaction. The acquisition, which had been kept under a semi-tight lid till now, will be financed through a shareholder loan from TE to its subsidiary cable business. TE had reportedly been close to tapping EFG Hermes to advise on the acquisition, sources had said last month<\/a>, around the same time that businessman Naguib Sawiris announced in a conference that he was looking to pull himself out of the telecom industry.<\/p>\n

TE\u2019s board also approved a decision to obtain long-term USD credit facilities, including a USD 500 mn five-year syndicated loan, <\/strong>which will be arranged by Mashreq and First Abu Dhabi Bank. The company will also sign a one-year credit facility agreement with a maximum ceiling of USD 200 mn with the Abu Dhabi Islamic Bank and African Bank for Import and Export, as well as a four-year, USD 200 mn vendor finance agreement with Huawei. The amounts will be used to finance capex operations and make liquidity available for investments in 4G infrastructure. Reuters also has the story<\/a>.<\/p>\n

This came as TE reported a 48% y-o-y drop in net profit after tax in 1Q2018 to EGP 688 mn<\/strong>, according to the company\u2019s earnings release (pdf)<\/a>. Consolidated revenues recorded EGP 4.8 bn, marking a 15.4% y-o-y increase.<\/p>\n","protected":false},"excerpt":{"rendered":"

M&A WATCH- TE to acquire OTMT\u2019s MENA Cables in USD 90 mn transaction, obtain long-term USD credit facilities: Telecom Egypt (TE) announced on Thursday\u00a0that its board of directors has signed off on the decision to acquire Orascom Telecom and Media Technology\u2019s (OTMT) MENA Submarine Cables Systems in a USD 90 mn transaction. The acquisition, which […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[72,2380],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-628734","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"85763554-11a3-400d-aef8-94527cd13711","order":"0","is_powered_by":true,"section_story_id":"f5c70abd-3254-407a-98a9-64e9c9d8643a","story_type":"1","photo_url":"","photo_position":"above","related_issue":[628719],"teaser":"","voice_url":""},"yoast_head":"\nTE to acquire OTMT\u2019s MENA Cables in USD 90 mn transaction, obtain long-term USD credit facilities - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2018\/05\/13\/te-to-acquire-otmts-mena-cables-in-usd-90-mn-transaction-obtain-long-term-usd-credit-facilities\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TE to acquire OTMT\u2019s MENA Cables in USD 90 mn transaction, obtain long-term USD credit facilities\" \/>\n<meta property=\"og:description\" content=\"M&A WATCH- TE to acquire OTMT\u2019s MENA Cables in USD 90 mn transaction, obtain long-term USD credit facilities: Telecom Egypt (TE) announced on Thursday\u00a0that its board of directors has signed off on the decision to acquire Orascom Telecom and Media Technology\u2019s (OTMT) MENA Submarine Cables Systems in a USD 90 mn transaction. 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Telecom Egypt has reportedly submitted an offer to acquire MENA Submarine Cable Systems (MENA) from Orascom Telecom Media and Technology (OTMT), unnamed government officials tell Al Borsa. TE is looking to link MENA\u2019s cables with its own TE North\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":631879,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/03\/29\/looks-like-te-might-be-going-after-otmts-mena-cables-after-all\/","url_meta":{"origin":628734,"position":2},"title":"Looks like TE might be going after OTMT\u2019s MENA Cables after all","author":"enterpriseam admin","date":"29 March 2018","format":false,"excerpt":"M&A WATCH- It looks like TE might be going after OTMT\u2019s MENA Cables after all. Telecom Egypt said it is trying to arrange financing for a potential investment opportunity in submarine cables. The state-run telecom operator is planning to reduce its proposed dividends to shareholders this year, to EGP 0.25\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":624965,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/09\/24\/te-to-acquire-additional-stake-in-eiscc-for-usd-15-mn-gaining-full-control-over-mena-submarine-cable\/","url_meta":{"origin":628734,"position":3},"title":"TE to acquire additional stake in EISCC for USD 15 mn, gaining full control over MENA Submarine Cable","author":"enterpriseam admin","date":"24 September 2018","format":false,"excerpt":"**#5 M&A WATCH- TE to acquire additional stake in EISCC for USD 15 mn, gaining full control over MENA Submarine Cable: Telecom Egypt (TE) announced yesterday that its board of directors approved the acquisition of an additional 50% stake in its subsidiary the Egyptian International Submarine Cable Company (EISCC) for\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":628888,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/16\/te-mena-cables-reach-final-agreement-on-acquisition\/","url_meta":{"origin":628734,"position":4},"title":"TE, MENA Cables reach final agreement on acquisition","author":"enterpriseam admin","date":"16 May 2018","format":false,"excerpt":"M&A WATCH- TE, MENA Cables reach final agreement on acquisition: Telecom Egypt and MENA Submarine Cables System have reached a final agreement on all the details of TE\u2019s USD 90 mn acquisition of MENA Cables, sources close to the transaction tell Al Mal. 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