Etisalat Misr buys into NOL and Egynet

Etisalat's Egyptian subsidiary eyes country's ISP market ahead of a possible bid for second fixed-line licence

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
Inside Google's brave new world

Inside Google's brave new world

The $500bn technology giant is extending its reach into hardware...

Under attack: how to beat the hackers

Under attack: how to beat the hackers

The smarter technology gets the more opportunities there are...

After all the hype, what's the future for Hyperloop One

After all the hype, what's the future for Hyperloop One

Los Angeles-based Hyperloop One may have struck a deal this month...

1
Most Discussed
sponsoredTracking