(Ecofin Agency) - Abraaj has acquired the 35% interest that Emirates International Telecommunications (EIT) held in Tunisie Telecom. This was disclosed by the Tunisian minister of communications and digital economy, Anouar Maarouf (picture), on November 2017, who highlighted that the acquisition should contribute to the development of the firm’s activities. The amount of the deal was not revealed however.

Actually, EIT’s exit from Tunisie Telecom’s shareholding was pending since 2013. The subsidiary of Dubai Holdings explained its departure by the persistent conflict between its management and syndicates’ representatives, who wanted a salary increase. This paired with a rude competition in the local market resulting in low financial results for the firm.

EIT joined Tunisie Telecom’s shareholding in 2006. The Emirati firm had spent $2.25 billion in the process.

Now, Abraaj’s entry in Tunisie Telecom’s shareholding results from exclusive negotiations between the firm and the telecom operator started since 2016. Nizar Bouguila, then CEO of the Tunisian group, announced those on November 30, 2016, on Express FM, on the sidelines of the Tunisia 2020 conference, held on Nov 20-30, 2016, in Tunis.