Egypt’s largest mobile phone company Orascom Telecom Media and Technology Holding (OTMT) is selling a stake in the Egyptian Company for Mobile Services (ECMS) to France Telecom (FT) for EGP 6 billion (£620 million).
“There are political repercussions to this kind of transaction that we had to manage appropriately,” said Gamal Abouali, partner at Cleary Gottlieb Steen & Hamilton in Paris. “The way to do that was to be in regular contact with the regulatory authorities in Egypt.”
The deal was challenging not only because...