France Telecom-Orange (FT) has revealed plans to buy most of Orascom Telecom Media and Technology's (OTMT's) stake in the Egyptian Company for Mobile Services (ECMS) and MobiNil.

As part of the terms included in a new non-binding memorandum of understanding between the two organisations, proposals have been made for OTMT to sell the majority of its stake in MobiNil/ECMS to FT.

This stake would be sold off for a price equivalent to €25.48 per ECMS share.

If approval from the Egyptian Financial Supervisory Authority were granted, FT would then make a tender offer for the ECMS free float. The same share price would apply.

Following the completion of the proposed deal, OTMT would be left with a 5% economic stake in ECMS.

According to a statement from FT, the agreement would provide OTMT with similar voting rights and board representation to the ones it already has within MobiNil/ECMS.