Egypt's Mobinil has approved France Telecom's tender offer for 100 per cent of its shares, according to local media announcements.
The agreed price of LE202.5 per share is 73 per cent higher than the stock valuation made by an independent financial advisor appointed by Mobinil.
It is also 111 per cent higher than the mobile operator's average share price over the last six months, according to figures from Beltone Financial.
The Egyptian Financial Supervisory Authority (EFSA) gave its approval to FT's tender offer in late April, clearing one of the few remaining hurdles to the long-awaited takeover.
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