Telecom Egypt announced that its board of directors has approved the acquisition of 50 percent of its subsidiary Egyptian International Submarine Cable Company (EISCC) for USD 15 million. This follows EISCC's acquisition earlier this month of the MENA submarine cable from Orascom and a deal to earn back the investment with selling capacity to Bharti Airtel.
The decision to acquire the remainder of EISCC has multiple financial advantages, Telecom Egypt said. This will allow it to consolidate fully the proceeds from the MENA cable and result in immediate savings of around USD 10 million as a result of the new structure.
