Sawiris eyes Telecom Italia stake

Sawiris eyes Telecom Italia stake

Egyptian businessman, Naguib Sawiris, has reportedly offered to invest as much as €5 billion for a stake in Telecom Italia.

The Wall Street Journal reports that the offer was brought before the Telecom Italia board for consideration last week by CEO, France Bernabe, citing people close to the company.

At Telecom Italia’s present value, a €5 billion investment would amount to approximately 30% of the company.

Sawiris sold several of his telecoms holdings this year including stakes in Egypt’s Mobinil to France Telecom, and a 57.1% share in Orascom Telecom to VimpelCom, which gave the Russian carrier ownership of Wind Italy.

Telecom Italia’s share price rose more than 2% in early trading on Monday.