Orascom Telecom, Act Financial seek 100 pct of Beltone Financial

Orascom Telecom Media and Technology and Act Financial are seeking to acquire 100 percent of Egypt-based financial services company Beltone Financial, Orascom Telecom said in a statement to the Egyptian bourse on Thursday.

The value of the transaction is estimated at 650 million Egyptian pounds ($83 million), with Orascom Telecom’s share put at 87 percent and Act Financial’s at 13 percent, the statement said.

Beltone Financial stock was up roughly 20 percent and Orascom Telecom up 10 percent as of 0850 GMT.

Orascom Telecom and Act Financial have two weeks to submit an official offer and due diligence will begin this Sunday, Beltone Financial said in a statement. The transaction is expected to be completed during the fourth quarter of 2015, Orascom Telecom said.

Orascom Telcom is a holding company with investments in media and technology, cable businesses, and more recently energy, transport and logisitics.

Act, founded earlier this year, is an investment bank specialising in securities brokerage, asset management and investment. ($1 = 7.8300 Egyptian pounds).

Source: Reuters