Mobinil buys LINKdotNET, Link Egypt
Orascom Telecom Holding (OTH) has concluded the sale of its internet services arm LINKdotNET and Link Egypt to Mobinil for USD130 million.
The sale excludes the non-ISP part of Link Egypt’ s business and affects LINKdotNET’ s Egyptian operations only. The other non-connectivity business, LINK Development, LINKonLINE, Connect Ads, Arab Finance Brokerage Company and Arpu+ will remain owned by OTH.
In a statement, OTH said the sale would allow Mobinil to extend broadband and corporate communications services to its more than 26 million customers; and create value for its shareholders and its 3,500 employees.
Khaled Bichara, Group Chief Executive Officer of OTH, said: “ We are delighted to have concluded this deal. As per the trend in the global telecom industry, the convergence between ISP’ s and operators clearly enhances the value for both businesses and enriches the value offering to their consumers.”