The final purchase price was quoted at US $2.25 billion (AED 8.26 billion).
A signing ceremony held today to finalise the acquisition was attended by Montassar Ouaïli, Tunisia's Minister of Communications Technologies, Ahmad Bin Byat, Executive Chairman of TECOM Investments and Soud Ba'alawy, CEO of DIG.
Bin Byat stated: "TECOM-DIG's stake in Tunisie Telecom represents our largest investment to date in the sector. The growth potential of this market offers us exciting possibilities to develop new value for Tunisie Telecom's customers.
"Combining our strengths, we are looking to transform the company into the most customer-focused and technologically advanced operator in the region".
Soud Ba'alawy added: "Through this partnership, DIG and TECOM look forward to further strategic opportunities to grow the company. We have the right combination of people and expertise that will allow us to explore and evaluate other opportunities in the region".
Meanwhile, the $2.25 billion syndicated loan issued for Dubai Holding for the purchase of 35 per cent of Tunisie Telecom closed more than 100 per cent oversubscribed. Over 40 banks are in the syndicate, with around 50 per cent of lenders coming from the Middle East and the remainder from Asia and Europe. Emirates Bank and Standard Chartered Bank are the mandated lead arrangers.
In March this year, the TECOM-DIG consortium was named the highest bidder for the Tunisie Telecom stake in a bidding process involving twelve other leaders in the telecom industry. A binding Share Purchase Agreement was signed between the parties on 27 April, 2006. The closing of the transaction occurred on 17 July, 2006.
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TECOM - DIG Consortium announces 35% stake in Tunisie Telecom
- United Arab Emirates: Tuesday, July 18 - 2006 at 16:06
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TECOM Investments and Dubai Investment Group (DIG), both members of Dubai Holding, today officially announced the acquisition of a 35 per cent stake in Tunisie Telecom, Tunisia's state telecom carrier.
DIG CEO Soud Ba'alawy
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Posted by Lara Lynn Golden, News EditorTuesday, July 18 - 2006 at 16:06 UAE local time (GMT+4)
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This article was updated on Sun Dec 24 2006.
Notes and Media Contacts »
About Tunisie Telecom
Tunisie Telecom is the leading telecom operator in Tunisia. With more than 3.7 million mobile and 1.25 million fixed clients. Tunisia Telecom serves all Tunisians with over 8000 skilled employees and a state-of-the-art network.
About Dubai Investment Group (DIG)
DIG is the global financial investor of Dubai Holding. Headquartered in Dubai, UAE, with local offices in New York, London, Kuala Lumpur and Hong Kong, the Group focuses on long and short term investments with the potential to deliver exceptional and sustainable returns.
DIG is structured as a conglomerate of investment companies operating around core expertise in the asset classes of Global Securities, Real Estate and Fund Management. The Group creates and manages a diversified and rapidly expanding portfolio of direct and indirect investments. It focuses on key sectors including Financials, Industrials, Telecommunications, Real Estate and Hospitality.
About TECOM Investments
A subsidiary of Dubai Holding, TECOM Investments started with the aim of developing the knowledge-based economy in Dubai. This aim addresses a variety of industry sectors including telecoms, media and technology park development. To achieve the ambition of developing the knowledge economy, TECOM successfully initiated a cluster approach in order to tackle each defined component of the knowledge-centric service offering. The clustered approach proved successful not just in the information and communication technology but also in media, education, and biotechnology sectors. TECOM first launched its telecom operations in 2000 with what was the regions first commercial deployment of converged services over a single IP network, offering a range of corporate and residential services, including IP triple play (TV, telephony and broadband internet). TECOM recently announced the acquisition of a 35% stake in Tunisie Telecom. TECOM's other telecom investments include a Axiom, the largest mobile distributor in the Middle East, and Interoute, a next generation IP network connecting together most countries in Europe.
For further information, please contact:
TECOM Investments
Sabah Al Asmawi
Head of Corporate Communications
TECOM Investments
Tel.: +9714 367 1771
Baiju Francis
JiWin
The Public Relations Subsidiary of Dubai Press Club
Dubai Media City
Tel: +971 4 3613333
Fax: + 971 4 3888001
Dubai Investment Group
Natasha Sterling
JiWin
The Public Relations Subsidiary of Dubai Press Club
Dubai Media City
Tel: +971 4 3613333
Fax: + 971 4 3888001
Tunisie Telecom is the leading telecom operator in Tunisia. With more than 3.7 million mobile and 1.25 million fixed clients. Tunisia Telecom serves all Tunisians with over 8000 skilled employees and a state-of-the-art network.
About Dubai Investment Group (DIG)
DIG is the global financial investor of Dubai Holding. Headquartered in Dubai, UAE, with local offices in New York, London, Kuala Lumpur and Hong Kong, the Group focuses on long and short term investments with the potential to deliver exceptional and sustainable returns.
DIG is structured as a conglomerate of investment companies operating around core expertise in the asset classes of Global Securities, Real Estate and Fund Management. The Group creates and manages a diversified and rapidly expanding portfolio of direct and indirect investments. It focuses on key sectors including Financials, Industrials, Telecommunications, Real Estate and Hospitality.
About TECOM Investments
A subsidiary of Dubai Holding, TECOM Investments started with the aim of developing the knowledge-based economy in Dubai. This aim addresses a variety of industry sectors including telecoms, media and technology park development. To achieve the ambition of developing the knowledge economy, TECOM successfully initiated a cluster approach in order to tackle each defined component of the knowledge-centric service offering. The clustered approach proved successful not just in the information and communication technology but also in media, education, and biotechnology sectors. TECOM first launched its telecom operations in 2000 with what was the regions first commercial deployment of converged services over a single IP network, offering a range of corporate and residential services, including IP triple play (TV, telephony and broadband internet). TECOM recently announced the acquisition of a 35% stake in Tunisie Telecom. TECOM's other telecom investments include a Axiom, the largest mobile distributor in the Middle East, and Interoute, a next generation IP network connecting together most countries in Europe.
For further information, please contact:
TECOM Investments
Sabah Al Asmawi
Head of Corporate Communications
TECOM Investments
Tel.: +9714 367 1771
Baiju Francis
JiWin
The Public Relations Subsidiary of Dubai Press Club
Dubai Media City
Tel: +971 4 3613333
Fax: + 971 4 3888001
Dubai Investment Group
Natasha Sterling
JiWin
The Public Relations Subsidiary of Dubai Press Club
Dubai Media City
Tel: +971 4 3613333
Fax: + 971 4 3888001
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