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: UAE
Free Zones Newsletter - Issue 71 - November 2008 |
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| Abu Dhabi private equity fund to purchase OrasInvest |
ADIC MENA Partners, LP, a private equity fund advised by ADIC PE Management LLC, a subsidiary of the Abu Dhabi Investment Company, has agreed together with other investors to purchase OrasInvest from Orascom Telecom Holding SAE (OTH), in a leveraged buyout worth USD 180 million.
OrasInvest, a telecom support company that focuses on mobile telecommunication tower construction as well as other corporate services such as inventory management, packaging, delivery, and collection, is headquartered in Cairo, Egypt and has operations in seven countries including Egypt, Algeria, Tunisia, Pakistan, Bangladesh, UAE, and Saudi Arabia. OrasInvest is expected to end 2008 with revenues in excess of USD 175 million.
Commenting on the acquisition, Robert Wages, Executive Director of Abu Dhabi Investment Company’s Private Equity Group, said, “ADIC MENA Partners is very pleased to be investing in OrasInvest, given the company’s potential for growth supporting Orascom Telecom and other leading telecom operators. We are confident this transaction will illustrate successfully the role that private equity can play in assisting market-leading businesses like Orascom Telecom achieve their goals for corporate realignment.”
“As announced at the beginning of the year, OTH is looking at disposing its non GSM businesses and OrasInvest is the first step in this direction. OrasInvest has been instrumental to the growth of OTH. In this rapidly changing environment, the sale of OrasInvest to ADIC MENA Partners allows us to outsource non-core assets and activities, while continuing to benefit from its goods and services provided. The sale of OrasInvest, which was decided in early 2008, will also result in a significant profit for the company and in significant value creation for our shareholders,” said Naguib Sawiris, Orascom Telecom Chairman and CEO.
Alwaleed Abdelrahman, Senior Vice President at Abu Dhabi Investment Company’s Private Equity Group who led the transaction for ADIC MENA Partners added, “The rapid evolution of the telecom sector in the region provides opportunities to achieve superior investment returns. OrasInvest is particularly well-positioned to capitalize on the growth of the sector.” |
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Courtesy ITP DIGITAL
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