Mobinil will also acquire Orascom Internet assets LINKdotNET and Link Egypt for $130 million under the terms of the final deal, France Telecom said.

The two firms reached a broad settlement agreement this month to end an acrimonious legal battle over Mobinil that had lasted years. The firms remain partners in Mobinil.

Orascom and France Telecom have agreed not to transfer any shares between them, and Orascom Telecom will not seek to increase its 20 percent direct stake in Egyptian Company for Mobile Services (ECMS), known by its Mobinil brand name.

The new agreement will supersede an existing agreement regarding the management of the two firm's joint holding company, which holds 51 percent of ECMS, FT said.

Orascom will be granted a put option for both its 28.75 percent stake in the holding firm and its direct ECMS stake.

The put option, to sell to France Telecom only, will be valid from September 15 to November 15 in both 2012 and 2013 and will increase in value from 221.70 Egyptian pounds ($40) at the signing to 248.50 pounds at end-2013 for ECMS shares.

The put can also be exercised at any time in a limited number of deadlock situation on some material decision, FT said.

The price of shares in the holding company will be computed by a fixed equation.

Both Orascom and France Telecom will continue to receive a fee equal to 0.75 percent of total Mobinil revenue.