Egyptian Global Telecom Holding (GTH), the company previously known as Orascom, has sold its entire 100 percent stake in Telecel Globe Limited (TG), which owns 100 percent of each of U-COM in Burundi and Telecel CAR in Central African Republic, for a total of US$65 million, subject to certain post-closing adjustments, Egypt-based company announced in a statement on Monday.
TG was acquired by Econet Wireless Global Limite, a diversified telecommunications group with operations in several countries mainly in Africa.
As disclosed earlier, GTH previously agreed to sell TG to another purchaser in 1Q 2013.
That purchaser failed to close the deal and forfeited a deposit it had paid to GTH in accordance with the terms of a purchase agreement that is no longer in force.
Global Telecom Holding is a member of the VimpelCom Group, one of the world's largest mobile telecommunications provider by number of customers.
Global Telecom is operating mobile networks in high growth markets in the Middle East, Africa and Asia, having a total population under license of approximately 466 million as of 31 March 2014, and more than 90 million customers.
