Orascom Telecom Media and Technology (OTMT) has sold the entire shareholding of its subsidiary Middle East and North Africa Submarine Cable (MENA) to Network i2i, a subsidiary of Bharti Airtel.
OTMT holds a 100% stake in MENA.
OTMT aims to conclude this transaction by the end of Q1 2017, after the fulfillment of all conditions precedents and obtaining all necessary regulatory, governmental approvals and fulfillment of the IFA report, the company said.
The decision to divest MENA comes in line with OTMT’s strategy to divest its non-core assets.
MENA is a licensed operator in Egypt and Italy of a submarine telecommunications system connecting Europe to the Middle East and South East Asia.