Wind of change

21 May 2008

Egyptian businessman Naguib Sawiris is in negotiations with three US private equity firms over the sale of a 10% stake in his telecoms holding company Weather Investments, which controls Italian telco Wind. He told Reuters that a deal ‘should be done in a couple of weeks’. Sawiris is keen to offload a stake in Weather Investments in order to help raise funds to repay debt to Wind’s former owner, Italian utility company Enel. Italian authorities are currently investigating alleged corruption related to Enel’s EUR12 billion (USD18.6 billion) sale of Wind to Weather Investments in 2006. Sawiris is one of eleven people under investigation.

Italy, WINDTRE (incl. Wind and 3 Italia)