Airtel to Acquire Orascom’s Share in MENA Cable Company

Airtel to Acquire Orascom's Share in MENA Cable Company

Bharti Airtel said its subsidiary Network i2i has entered into a definitive agreement with Egyptian firm Orascom to acquire the latter’s entire equity stake in Middle East, North Africa Submarine Cable Systems for an undisclosed amount.

The agreement has been signed with Orascom Telecom Media and Technology Holding SAE.

“With the explosion of data usage in emerging markets, including India and Africa, this (MENA) asset will provide us a scalable and diverse high capacity highway to serve our customers.

 “In particular, it will provide impetus to India s emergence as a major regional internet hub serving customers across SAARC region, with seamless global connectivity,” Ajay Chitkara, Director and CEO – Global Voice & Data Business, Bharti Airtel said in a statement.

Middle East North Africa Submarine Cable Systems (MENA-SCS) is a 100 per cent subsidiary of Orascom.

It is live and operational, connecting Mumbai – Oman – Saudi Arabia – Egypt and Italy. It further has the branching options to connect to other countries in Europe, Africa and Middle East via branching options to Cyprus, Greece, Djibouti, Yemen, Iran, Lebanon, Libya and
Sudan.

MENA-SCS owns and operates a submarine cable network between India and Europe covering Middle East, with options to extend the network to Africa. It is a submarine optic network capable of carrying multi tera bits per second of data speeds.

Source by news18…

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