Etisalat Misr buys into NOL and Egynet

Etisalat Misr, the Egyptian subsidiary of Etisalat, has agreed to buy a 27.27% stake in Nile Online (NOL) and a 16.46% stake in the Egyptian Company for Networks (EgyNet), from Egypt Telecom. Both transactions are expected to be complete by March 31, 2008.

The deal may indicate Etisalat Misr's desire to strengthen its position in Egypt's ISP sector ahead of making a bid for the country's second fixed-line, which is due to be put up for auction later in the year, according to industry analysts.

While Etisalat Misr and Egypt Telecom were unable to comment on the value of the deal, Akil Beshir, chairman and CEO of Telecom Egypt, said the sale of the stakes in NOL and EgyNet would help his company focus on its core internet subsidiary, TE Data.

"This move represents excellent value for Telecom Egypt and provides us with the opportunity to focus on our majority owned Internet subsidiary, TE Data, which is currently the market leader and is growing rapidly," he said. "It is another example of the Egyptian telecommunications and data market, in particular, organizing itself more formally, which we embrace."

Related:
Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

All comments are subject to approval before appearing

Further reading

Features & Analysis
Understanding blockchain and its growing importance in the UAE

Understanding blockchain and its growing importance in the UAE

Project Pen’s John Lillywhite talks to Moe Levin, founder of...

2
Why banking in the Gulf will never be the same again

Why banking in the Gulf will never be the same again

New technologies are emerging in banking and finance at a rapid...

Saudi prince aims for Silicon Valley appeal to gleam at home

Saudi prince aims for Silicon Valley appeal to gleam at home

Photographs of Prince Mohammed meeting Facebook boss Mark Zuckerberg...

Most Discussed
sponsoredTracking