TE ups stake in TE Data to 100%

5 Jan 2010

Telecom Egypt (TE) has announced that it has acquired the remaining 4.95% of shares it did not own in broadband subsidiary TE Data, Reuters reports. It is understood that TE purchased the holdings of three Egyptian banks to increase its stake in TE Data to 100%, with TE CEO Tarek Tantawy saying of the deal: ‘We expect the importance of this segment to grow further going forward and, as such, have taken advantage of the opportunity to establish full ownership of the business.’ No financial details of the deal have been revealed, and the identities of the three banks that sold the shares have also not been released.

According to TeleGeography’s GlobalComms database, TE Data had 479,819 fixed line retail broadband subscribers at end-September 2009, up from approximately 265,000 a year earlier.

Egypt, TE Data, Telecom Egypt