Orascom Telecom, the Cairo-based telecom operator, has paid $1.3 billion for a 19.3 per cent stake in Hutchison Telecom, a unit of Hutchison Whampoa, as part of a strategic agreement.

Orascom Telecom, the Cairo-based telecom operator, has paid $1.3 billion for a 19.3 per cent stake in Hutchison Telecom, a unit of Hutchison Whampoa, as part of a strategic agreement. The plan is to combine the two companies’ mobile operations in various emerging markets. The move will give the two groups a combined subscriber base of 40 million and an addressable footprint of 2 billion in markets where penetration is still low.