France Telecom Orange on Thursday finalized deal with Orascom Telecom Media and Technology (OTMT) for the purchase of most of OTMT’s holding in Egyptian operator ECMS (MobiNil).

Stephane Richard, chairman and CEO of the French group, said “Ttransaction demonstrates our continued, strong commitment and belief in ECMS’ potential and in the Egyptian economy in general.”

France's biggest phone company will pay 202.5 Egyptian pounds ($33.53) per share for the up to 60% of ECMS outstanding. The offer is part of a complex agreement hammered out with France Telecom partner Orascom Media and Technology Holding SAE, an Egyptian phone company that owns 29.7% of ECMS directly and indirectly.

"To further enhance ECMS's integration in the Egyptian economy, France Telecom-Orange intends to ensure that, if the conditions allow it, up to 15% of ECMS's shares are held by Egyptian shareholders, whether these are private or public companies, or individual shareholders," France Telecom CEO Stéphane Richard said in a statement.

The acquisition underscores a push among European telecoms to move into faster growing foreign markets to make up for stagnant sales at home. Last year, Spain's Telefónica SA paid €7.5 billion to buy Portugal Telecom SGPS SA out of their Brasilcel NV venture and gain control of Brazil's biggest cellular company. Portugal Telecom then turned around and spent about $5 billion to buy just over 25% of rival Brazilian cell provider Telemar Norte Leste SA, known as Oi.