(Reuters) – Egypt’s stock exchange said on Sunday a subsidiary of Russian billionaire Mikhail Fridman’s Altimo had offered to buy 100 percent of Egypt’s Orascom Telecom.
The $3.7 billion offer from a Cyprus-based firm owned by Altimo is at a price of $0.70 per share for all of Orascom Telecom’s 5.245 billion shares, the statement said.
“The authority is currently studying the announced offer,” the Egyptian Financial Supervisory Authority said in a statement.
Cairo-based Orascom Telecom, a heavyweight on the Egyptian Stock Exchange, is controlled by Russia’s Vimpelcom. Altimo owns 47.85 percent of Vimpelcom.
