Mobinil buys LINKdotNET, Link Egypt
INTERNET| July 8, 2010, 4:25 p.m.
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.”
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