{"id":630708,"date":"2018-04-30T04:15:34","date_gmt":"2018-04-30T04:15:34","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/30\/te-reportedly-close-to-signing-efg-hermes-as-adviser-on-mena-cables-acquisition\/"},"modified":"2018-04-30T04:15:34","modified_gmt":"2018-04-30T04:15:34","slug":"te-reportedly-close-to-signing-efg-hermes-as-adviser-on-mena-cables-acquisition","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2018\/04\/30\/te-reportedly-close-to-signing-efg-hermes-as-adviser-on-mena-cables-acquisition\/","title":{"rendered":"TE reportedly close to signing EFG Hermes as adviser on MENA Cables acquisition"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-06\"><\/a> <strong>M&A WATCH- <\/strong>Telecom Egypt is reportedly close to tapping EFG Hermes as an adviser on an acquisition of MENA Submarine Cable Systems from the Orascom Telecom Media and Technology (OTMT), <a href=\"http:\/\/www.almalnews.com\/Story\/374215\/11\/%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D9%8A%D8%A9-%D9%84%D9%84%D8%A7%D8%AA%D8%B5%D8%A7%D9%84%D8%A7%D8%AA-%D8%AA%D9%82%D8%AA%D8%B1%D8%A8-%D9%85%D9%86-%D8%AA%D8%B9%D9%8A%D9%8A%D9%86-%D9%87%D9%8A%D8%B1%D9%85%D9%8A%D8%B3-%D9%85%D8%B3%D8%AA%D8%B4%D8%A7%D8%B1%D9%8B%D8%A7-%D9%84%D9%84%D8%A7%D8%B3%D8%AA%D8%AD%D9%88%D8%A7%D8%B0-%D8%B9%D9%84%D9%89-%D9%83%D8%A7%D8%A8%D9%84-%D9%85%D9%8A%D9%86%D8%A7\">sources tell Al Mal<\/a>. Neither TE or OTMT have publically acknowledged a transaction is in the works. However, TE <a href=\"https:\/\/enterprise.press\/stories\/2018\/03\/29\/looks-like-te-might-be-going-after-otmts-mena-cables-after-all\/\">had announced late last month<\/a> that it is trying to arrange financing for a potential investment opportunity in submarine cables, in part by reducing its proposed dividends to shareholders. This coincided with a statement from OTMT saying that it is still planning to sell MENA Submarine Cable Systems for USD 90 mn, even though it had denied earlier reports that it was approached by TE. Sources tell the newspaper that acquisition is to ensure that the state has full control of the cable.<\/p>\n<p><strong>Is Naguib Sawiris really bowing out of the telecoms game? <\/strong>That\u2019s what the Egyptian businessmen reportedly <a href=\"https:\/\/www.dailynewsegypt.com\/2018\/04\/29\/sawiris-fully-back-communications-investments-focus-real-estate-financial-services\/\">said at a conference<\/a> yesterday. Naguib said he plans to exit whatever investments he still had left in the telecoms sector to concentrate on real estate, agriculture and financial services, noting that there are \u201cserious discussions to sell his investments in cabling projects in Egypt.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>M&#038;A WATCH- Telecom Egypt is reportedly close to tapping EFG Hermes as an adviser on an acquisition of MENA Submarine Cable Systems from the Orascom Telecom Media and Technology (OTMT), sources tell Al Mal. Neither TE or OTMT have publically acknowledged a transaction is in the works. However, TE had announced late last month that [&hellip;]<\/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-630708","post","type-post","status-publish","format-standard","hentry","category-speed-round","tag-enterpriseam","tag-speed-round","wpautop","entry"],"acf":{"mongo_id":"dd4873e1-4b92-4c70-863d-e3608d596305","order":"0","is_powered_by":true,"section_story_id":"2c2d6b12-1071-437b-b9a5-8afd8447c926","story_type":"1","photo_url":"","photo_position":"above","related_issue":[630697],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>TE reportedly close to signing EFG Hermes as adviser on MENA Cables acquisition - 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\/04\/30\/te-reportedly-close-to-signing-efg-hermes-as-adviser-on-mena-cables-acquisition\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TE reportedly close to signing EFG Hermes as adviser on MENA Cables acquisition\" \/>\n<meta property=\"og:description\" content=\"M&amp;A WATCH- Telecom Egypt is reportedly close to tapping EFG Hermes as an adviser on an acquisition of MENA Submarine Cable Systems from the Orascom Telecom Media and Technology (OTMT), sources tell Al Mal. 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Orascom Telecom Media and Technology (OTMT) is\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":629097,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/22\/telecom-egypt-signs-spa-for-acquisition-of-otmts-mena-cables\/","url_meta":{"origin":630708,"position":1},"title":"Telecom Egypt signs SPA for acquisition of OTMT\u2019s MENA Cables","author":"enterpriseam admin","date":"22 May 2018","format":false,"excerpt":"M&A WATCH- TE inks SPA for USD 90 mn acquisition of OTMT\u2019s MENA Cables: Telecom Egypt (TE) subsidiary the Egyptian International Submarine Cables Company (EISCC) has executed a sale and purchase agreement for the USD 90 mn acquisition of Orascom Telecom Media and Technology (OTMT) subsidiary MENA Cables, according to\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":628782,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/14\/te-to-finalize-mena-cables-acquisition-within-a-week\/","url_meta":{"origin":630708,"position":2},"title":"TE to finalize MENA Cables acquisition within a week","author":"enterpriseam admin","date":"14 May 2018","format":false,"excerpt":"M&A WATCH- TE to finalize MENA Cables acquisition within a week: Telecom Egypt (TE) expects to finalize the details of its USD 90 mn acquisition of MENA Submarine Cables Systems within a week, TE CFO Mohamed Shamroukh reportedly said yesterday, Al Mal reports. TE is currently confluding negotiations with Orascom\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":635409,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/12\/04\/te-submits-offer-to-acquire-mena-from-otmt\/","url_meta":{"origin":630708,"position":3},"title":"TE submits offer to acquire MENA from OTMT?","author":"enterpriseam admin","date":"4 December 2017","format":false,"excerpt":"M&A WATCH- TE submits offer to acquire MENA cable from OTMT? 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 &quot;Speed Round&quot;","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":628734,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/13\/te-to-acquire-otmts-mena-cables-in-usd-90-mn-transaction-obtain-long-term-usd-credit-facilities\/","url_meta":{"origin":630708,"position":4},"title":"TE to acquire OTMT\u2019s MENA Cables in USD 90 mn transaction, obtain long-term USD credit facilities","author":"enterpriseam admin","date":"13 May 2018","format":false,"excerpt":"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\u2026","rel":"","context":"In &quot;Speed Round&quot;","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":629334,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/05\/28\/te-to-use-usd-90-mn-of-usd-200-mn-facility-from-afreximbank-to-finance-mena-cables-acquisition\/","url_meta":{"origin":630708,"position":5},"title":"TE to use USD 90 mn of USD 200 mn facility from Afreximbank to finance MENA Cables acquisition","author":"enterpriseam admin","date":"28 May 2018","format":false,"excerpt":"Telecom Egypt (TE) is reportedly planning to use USD 90 mn of a USD 200 mn short-term loan agreement with the African Export-Import Bank (AfreximBank) to finance its acquisition of Orascom Telecom Media and Technology (OTMT) subsidiary MENA Cables, a banking source tells Al Shorouk. 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