Wataniya raises its stake in Tunisiana

Qatar Telecom (Qtel) has announced that it has signed an agreement with a consortium led by Princesse Holding of Tunisia to jointly acquire from Orascom Telecom Holding its 50 per cent shareholding in Orascom Telecom Tunisie (Tunisiana). Qtel has completed the transaction via its 52.5 per cent subsidiary Wataniya Telecom. Wataniya has an existing 50 per cent shareholding in Tunisiana.

Under the terms of the agreement, Wataniya and the Princesse Holding consortium (the partners) will acquire the stock for US$1.2 billion. The Partners will work with the Tunisian authorities to finalise the transaction and anticipate closing with Orascom Telecom in early January 2011. Wataniya will finance its portion of the transaction with a mixture of existing cash and debt, and now will control the board and management of Tunisiana, allowing it to fully consolidate the business.

With this transaction, Qtel Group consolidates its position as a leading communications group in the MENA region, with nine controlled operations.