Orascom confirms interest in acquiring Brasil Telecom stake

5 Mar 2007

Egyptian telecommunications company Orascom Telecom has confirmed it is interested in acquiring Telecom Italia’s stake in Brazilian fixed and mobile operator Brasil Telecom. In a press statement last Friday, Orascom, which is led by Egyptian businessman Naguib Sawiris, confirmed its interest in the equity stake was in line with the company’s investment strategy. ‘The interest by Orascom Telecom in Brasil Telecom is in line with its declared strategy to watch out for investment opportunities in emerging countries which can offer a large market where demand is not yet saturated and which has high potential for growth.’ Shares in Brasil Telecom rose on the news.