Libyan telecoms investment vehicle Lap GreenN is in discussions to acquire Emirates International Telecommunications’ 35% stake in Tunisian incumbent Tunisie Telecom, three sources familiar with the situation told Reuters.
Lap GreenN, a unit of…
Libyan telecoms investment vehicle Lap GreenN is in discussions to acquire Emirates International Telecommunications’ 35% stake in Tunisian incumbent Tunisie Telecom, three sources familiar with the situation told Reuters.
Lap GreenN, a unit of Libya’s sovereign wealth fund with a presence in Ivory Coast, Sierra Leone, South Sudan and Uganda, was not immediately available for comment.
In late June, Tunisia’s communication ministry gave the green light to the stake sale.
Several parties have since expressed interest in buying the asset, including Turk Telekom, Turkcell and Etisalat. Reports suggested that another 10 companies reportedly looked at the stake.
Tunisie Telecom was partially privatised in 2006 when EIT, a unit of investment company Dubai Holding, bought the 35% stake for US$2.25bn.
But in the wake of the 2011 uprisings in Tunisia, the company has reportedly faced some difficulties. In a July research note, JP Morgan Chase valued the 35% stake at US$650m, according to Reuters.
EIT has reportedly hired Credit Suisse to handle the sale, which will allow it to cut its debt.
Tunisie Telecom competes against mobile operators Ooredoo’s Tunisiana and Orange Tunisie in the country.
