KT bids for stake in Tunisie Telecom

KT bids for stake in Tunisie Telecom

South Korean operator KT is said to be in the early stages of discussions to acquire a 35% stake in state-owned Tunisie Telecom.

The company is in talks with Dubai Holdings' Emirates International Telecommunications, the conglomerate that owns the stake, which was purchased for $2.25 billion in 2006.

Earlier this year, KT withdrew its bid for Vivendi’s 53% stake in Maroc Telecom, but the latest bid confirms that the company remains keen to expand overseas, as it looks for growth opportunities outside of its saturated domestic market.

There are thought to be ten other bidders competing with KT, as the Dubai conglomerate seeks to reduce debts.

In August, there were rumours that a unit of the Libyan sovereign wealth fund could be set to acquire the stake in Tunisie.

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