Egypt’s Orascom Telecom Media and Technology Holding – OTMT announces today board’s approval to sell non-core assets in OT Ventures.
OTMT stated today that the board of its fully owned subsidiary Orascom Telecom Ventures (OT Ventures) approved the sale of certain of its assets and their subsidiaries for a total enterprise value of EGP 140 million to an Accelero Capital group company (Accelero Capital).
These assets, operating in Mobile Value Added Services, Online Advertising, Development and Content Management, include:
Link for Programming Development S.A.E., Connect Ads for Advertising and Programming S.A.E., Link on line S.A.E., Arab finance for Brokerage S.A.E., Link Register S.A.E., Arpu For Telecommunication Services S.A.E., Egypt Call S.A.E, Otlob.com for Restaurant Reservation Services S.A.E., LINK dot NET Al Arabia El Saudia – Ltd, LINK dot NET – Qatar – Ltd, and LINK dot NET –FZ LLC – Ltd (UAE).
OT Ventures’ board members have retained an independent financial advisor (“IFA”) to value the targeted assets. By comparing the outcome of the IFA’s valuation report against Accelero Capital offer, the board members confirmed that the transaction is at arm’s length and consistent with the assets’ fair market value.
The parties are currently in the process of finalizing detailed transaction documents under exclusivity arrangement. This transaction is expected to close during the first quarter of 2015.