LAHORE, Dec 23: Orascom Telecom Holding and Hutchison Whampoa Limited have announced the global strategic alignment of their mobile business.
According to a press release issue here on Friday, the Hutchison Whampoa sold a 19.3 per cent stake in Hutchison Telecommunications International Limited to Orascom Telecom for $1.3 billion.
On a combined basis, Hutchison Telecom and Orascom Telecom (operating in Pakistan as Mobilink) would control mobile operators in 15 countries with over 40 million subscribers.
It said the deal provided Orascom with a right to pick-up another 3.7pc stake over the next 12 months. Naguib Sawiris, chairman and CEO Orascom, and Aldo Mareuse had been nominated to the Board of Hutchison Telecom Orascom Telecom and Hutchison Telecom.
“There has been no overlap in the markets as Orascom Telecom and Hutchison Telecom own and control their respective operations”, it added.
