Telecom Italia divests Oger Telecom stake

Telecom Italia has reached an agreement to sell its 10.36% stake in Oger Telecom to the Middle Eastern holding company’s majority owner Saudi Oger for USD477 million, to reduce debts. The transaction is expected to be finalised by the end of July. Oger Telecom is an emerging markets telecoms holding group, controlled by Saudi Arabia’s Saudi Oger, with headquarters in Dubai, UAE. Oger Telecom has stakes in telcos and ISPs in Saudi Arabia, Lebanon, Jordan, South Africa and Turkey.