Orascom confirms sale talks with MTN

Following recent speculation that MTN is interested in purchasing Orascom’s Algerian unit ‘Djezzy’ and which could extend to other subsidiaries, Orascom has confirmed the negotiations are taking place.

“Orascom is aware that its parent company, Weather Investments SpA, is in discussions with MTN Group which may or may not lead to a transaction relating to the acquisition of control of Orascom and/or its businesses by MTN,” said a press statement on the company’s website published today.

“A further announcement will be issued in due course as required. Accordingly, Orascom has requested from the Egyptian Exchange to restore trading on its stock.”

Additionally, Orascom had earlier informed the Algerian government of the talks and when asked if it would approve the deal, a source is quoted as saying "having the South Africans in the telecoms sector in Algeria instead of the Egyptians is a good solution for us".