Enel confirms Wind direction

1 Dec 2006

Italian utility group Enel has confirmed reports that it is to sell off its stake in Weather Investments, a holding company which owns Wind, Italy’s largest alternative telco. Its 26.1% stake in Weather Investments will be sold to Weather’s other investor Naguib Sawiris for EUR1.962 billion. The Egyptian businessman is thought to be keen to merge Wind with his other telecoms interest, Orascom Telecom, ahead of an IPO. The Enel deal is expected to be closed by year-end, Reuters reports.