$600 Million Deal, Veon To Buy Out Egypt’s Global Telecom

Telecoms operator VEON Ltd has said it will offer 5.30 Egyptian pounds ($0.3005) per share for the 42.3 percent of Cairo-listed Global Telecom Holding it does not already own. The offer for the stake in Global, formerly known as Orascom, represents a 20 percent premium to its closing price on Monday and is valued $600 million.

VEON, based in Amsterdam, operates telecommunications companies in Russia and in developing countries in Asia and North Africa. It holds a 55.6 percent stake in Global, which operates the Djezzy network in Algeria, Mobilink in Pakistan and Sheba Telecom in Bangladesh.

Veon said in a statement it has not yet submitted the offer to Egyptian financial authorities and it would not comment further. It called off a previous attempt to buy out Global’s assets in October.