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7 May 2004 - Gide Loyrette Nouel has been advising the Orascom Telecom group in connection with the sale of Loteny Telecom and its other sub-Saharan subsidiaries:
On 27 April 2004, Telecel International, a subsidiary of the Egyptian telecommunications group, Orascom Telecom, finalised the sale of its majority interest in the Côte d'Ivoire mobile telephone company, Loteny Telecom, to Atlantique Telecom and Access Telecom at a total price of 53.1 million US dollars.
Loteny Telecom, one of the main GSM operators in Côte d'Ivoire, has more than 600 000 customers in this country and has a market share of around 49 %.
Atlantique Telecom is a subsidiary of Banque Atlantique de Côte d'Ivoire. Access Telecom is run by Yerim Sow, the current Chairman and Managing Director of Loteny Telecom.
This sale is part of Orascom Telecom's overall strategy of withdrawal from sub-Saharan Africa. Last year, Orascom Telecom sold its subsidiaries in West Africa (Telecel Gabon, Telecel Benin, Telecel Togo, Telecel Niger and Telecel Burkina Faso) to Atlantique Telecom and the majority of its other interests in Africa (Telecel Zambia, U-Com (the holding company that owns Uganda Telecommunications Limited), Telecel Burundi, Telecel Centrafrique and Telecel PTY) to the Gloria Trust grouping.
All of these divestments, including the sale of Loteny Telecom, has enabled Orascom Telecom to reduce its net consolidated liabilities by more than 400 million US dollars and to pursue its expansion strategy in North Africa and the Middle East.
Gide Loyrette Nouel, under the supervision of one of its partners, François Krotoff, advised Orascom Telecom in connection with all of these transactions which were completed over a period of two years. The Mergers & Acquisitions team working on the Loteny Telecom sale included Antoine Lelong and Thomas Urlacher. Nadine Ganesan and Gilles Cardonnel acted for Telecel International in relation to the sales of its West African subsidiaries. Nadège Nguyen and Julien David handled the sale of its subsidiaries to Gloria Trust.
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