South Korean telco KT Corp has announced it is in early talks to buy a 35% stake in Africa’s state-controlled Tunisie Telecom.
The company said in a stock exchange filing that it has started negotiations for the stake held by Emirates International…
South Korean telco KT Corp has announced it is in early talks to buy a 35% stake in Africa’s state-controlled Tunisie Telecom.
The company said in a stock exchange filing that it has started negotiations for the stake held by Emirates International Telecommunications (EIT), a conglomerate controlled by Dubai’s monarch.
The move comes just two months after KT walked away from bids to acquire 53% of Morocco’s Maroc Telecom.
Around ten other bidders are reportedly bidding for the slice of Tunisie Telecom, which was valued in July at US$650m.
Back in June, a Tunisian government official was cited saying 13 companies had expressed an interest, including UAE’s Etisalat, which is on course to close the Maroc Telecom deal before the end of the year. Turk Telekom and Turkcell of Turkey, and Libya’s Lap GreenN are also reportedly in the running.
EIT bought its stake for US$2.25bn in 2006 when Tunisie Telecom was part privatised. Credit Suisse is reported to be handling the sale, which will help EIT cut its debt.