Bloomberg Anywhere Remote Login Bloomberg Terminal Request a Demo

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Billionaire Fridman Offers to Buy All of Orascom Telecom

An Orascom Telecom Holding SAE sign sits outside the company's headquarters at Nile City Towers, in Cairo. Photographer: Shawn Baldwin/Bloomberg
An Orascom Telecom Holding SAE sign sits outside the company's headquarters at Nile City Towers, in Cairo. Photographer: Shawn Baldwin/Bloomberg

March 31 (Bloomberg) -- Russian billionaire Mikhail Fridman offered to buy all of Orascom Telecom Holding SAE, the Egyptian cellular company majority owned by Russia’s VimpelCom Ltd., which he controls.

Fridman’s Altimo is offering 70 cents a share for Cairo-based Orascom, the Egyptian Financial Supervisory Authority said today, valuing the company at about $3.67 billion. Altimo owns about 47.9 percent in VimpelCom, which in turn owns about 51.7 percent of Orascom.

Orascom fell 0.9 percent to 4.37 Egyptian pounds (64 cents) at the close in Cairo, valuing the company at about $3.4 billion. The London-listed depositary receipts, which equal five common shares, closed up 1 percent on March 28 to $3.18.

“We were expecting that they would be taking Orascom out of the market, but we think it’s a very low price,” Maria Samir, a telecom analyst at Cairo-based investment bank Beltone Financial, said by phone. “It doesn’t make sense to remain listed when there are no operations in Egypt anymore.”

Orascom has assets in Algeria, Canada, Central African Republic, Pakistan, Bangladesh, Burundi and Zimbabwe, according to its website.

Altimo’s press service in Moscow declined to comment on the regulatory filing.

To contact the reporter on this story: Ahmed A. Namatalla in Cairo at anamatalla@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.