France Telecom-Orange said that the Egyptian market authorities have cleared it to make its previously announced bid for operator ECMS (Mobinil).

The deal will see France Telecom largely buying out its partner in the venture, Orascom Telecom Media and Technology (OTMT), although the Egyptian company will retain a 5 percent stake in the business and have significant management representation.

France Telecom is also making an offer for the shares of the business that are in free float, previously noting that in future it intends to have up to 15 percent of ECMS shares in the hands of Egyptian investors – “if the conditions allow it.”

Following its approval from the Egyptian Financial Supervisory Authority (EFSA), France Telecom’s offer will be open from tomorrow until 23 May 2012.

At the time the deal was announced, Stephane Richard, chairman and CEO of the France-based group, said that the deal “demonstrates our continued, strong commitment and belief in ECMS’ potential and in the Egyptian economy in general.”

The value of the transaction has been put at around EUR1.5 billion.