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Thu 6 Jan 2011 03:47 PM

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Sawiris's Weather changes name to Wind Telecom

Weather, the investment vehicle of Egyptian billionaire Naguib Sawiris, is now called Wind Telecom

Sawiris's Weather changes name to Wind Telecom
TELCO DEAL Naguib Sawiriss investment vehicle is also planning a $6.6bn deal to sell assets to Russian operator Vimpelcom (Bloomberg Images)

Egyptian mobile operator Orascom Telecom said on Thursday its parent company Weather Investments, which plans a $6.6bn deal to sell assets to Russian operator Vimpelcom, has changed its name.

Weather, the investment vehicle of Egyptian billionaire Naguib Sawiris, switched its name to Wind Telecom on December 30, Orascom Telecom said.

The holding company agreed to sell controlling stakes in Orascom and Italian operator Wind Telecomunicazioni in October, but opposition from Vimpelcom shareholder Telenor has cast doubt on the deal.

It is now reviewing a revised offer for the assets.

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