Sawiris gets Wind

30 Nov 2006

Press reports from Italy suggest that the Italian utility group Enel is ready to offload its 26.5% stake in the country’s largest alternative telco, Wind. Business newspaper Il Sole 24 Ore reports that Enel is hoping to raise around EUR2 billion from the sale. Enel is selling its share of Wind’s holding company Weather Investments to fellow investor Naguib Sawiris, giving the Egyptian businessman sole control of Wind. Sawiris is reportedly looking at merging Wind with his Orascom Telecom group ahead of an IPO next year.