Egypt-based Orascom Telecom has forked out $1.3bn to acquire a 19.3 per cent stake in Hutchison Telecommunications International as the pair forge closer ties between their mobile businesses. Not only will the deal give the pair greater buying clout when procuring telecoms gear, it will also help the firms expand into emerging markets in Asia. In particular, Orascom is keen to target India, Indonesia and Vietnam.

The Register