Weather to buy Wind; Mother Nature confused

27 May 2005

The long running sale saga of Italian telco Wind could finally be over, following the decision by power company Enel to offload the company to a consortium led by Orascom Telecom of Egypt. Orascom’s Weather Investment’s consortium will take a 62.75% stake in Wind for USD3.74 billion in cash by August this year in the first phase of the deal, leaving Enel the option to sell the remaining 37.25% of the telco for USD412 million in cash and Weather shares in the first half of 2006. Other investors in Weather include French group IPE and US tycoon Wilbur Ross.