Telecom Egypt eyes acquisition targets

9 Feb 2009

Egyptian fixed line incumbent Telecom Egypt (TE) is considering options for acquisitions in 2009 as it looks to expand its global presence, reports citing comments from TE CEO Akil Beshir. Mr Beshir noted that the preference was to look at options in the Middle East and North Africa (MENA) region, although it has not ruled out opportunities throughout Africa. Additionally it is understood that TE will target existing operators rather than green field licences, with the focus on integrated fixed and mobile operators. Despite the revelation, it is not expected that any purchases will be made in the short term, with Mr Beshir noting that some targets are still overpriced or unavailable. TE reportedly had been in talks recently with an unnamed operator, but negotiations were halted as the owner of the mystery company felt that the price it wanted would not be achieved.

Egypt, Telecom Egypt