Rumour: Orascom could make a move for Portugal Telecom’s Meditel stake

14 Apr 2009

Portugal Telecom’s (PT’s) 32.18% stake in Moroccan GSM network operator Medi Telecom (Meditel) could be a target of Egypt’s Orascom Telecom (OT), according to rumours in the press, following a comment from OT’s chairman Naguib Sawiris last week. Sawiris told Reuters that his company was eyeing a stake in Morocco’s second largest mobile operator as a potential acquisition target. According to TeleGeography’s GlobalComms database, Meditel is owned by PT (32.18%) and Spain’s Telefonica (32.18%), with the remainder held by a group of Moroccan investors led by Banque Marocaine du Commerce Exterieur (BMCE) and including Caisse de Depots et de Gestion (CDG, a former part-owner of rival Wana). Meditel reported a turnover of EUR453 million (USD602 million) in 2008.