Dubai Holding reaches initial agreement to sell stake in Tunisie Telecom
Dubai Holding has reached an initial agreement to sell its 35% stake in Tunisie Telecom to Abraaj Group. The potential deal, contingent on approval of Tunisian government, values the deal at USD1bn including debt. That would give the holding a proportional value of cUSD350mn compared to USD2.25bn that Dubai Holding paid for it in 2006. Tunisie Telecom, which is 65% owned by the government, has more than 6mn mobile and fixed-line subscribers and is the incumbent telecom operator in the country. (Bloomberg)
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