France Telecom has finalized the terms of a deal to buy out most of Egyptian mobile operator Mobinil for up to €1.5 billion ($1.98 billion).
The arrangement with Orascom Telecom will leave France Telecom with an up to 95% share of Mobinil.
Sawiris will sell most of its stake in Mobinil, and will give minority shareholders in Mobinil holding company ECMS the option of keeping their shares or accepting a 202.5 Egyptian pound ($33.5 million) per share tender offer.
If all accept, France Telecom will have the 95% share, but France Telecom has stated it will try to ensure that ECMS continues to be 15% owned by Egyptian shareholders.
France Telecom was already the largest shareholder in Mobinil. Orascom will maintain similar voting rights that it had prior to the agreement.