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Tunisia: Tecom signs for Tunisie Telecom stake Print E-mail
Friday, 28 April 2006
Tecom-Dig has finalised its acquisition of 35% of Tunisie Telecom.

A deal for the US$ 2.25 billion acquisition was signed on Thursday, said a statement from the consortium of Tecom Investments and Dubai Investment Group, both part of government-owned Dubai Holding.

"This is more than just an acquisition. Tecom-Dig is a strategic partner for Tunisie Telecom and we will be involved in the process of hiring senior management resources," said Tecom CEO Ahmad bin Byat.

"This will be a very significant step forward in the implementation of Dig's international expansion strategy which is focused on securing key growth assets in both mature and emerging markets," said Dig CEO Soud Ba'alawy.

Tecom also owns a 20% stake in Emirates Integrated Telecommunications Co., which won a license last year as the United Arab Emirates' second telecom company, ending a virtual monopoly by Emirates Telecommunications Corp. (Etisalat).

In March, Tunisia confirmed Tecom-Dig as the winner of the tender for Tunisie Telecom, which has about 4.2 million mobile and fixed-line customers and holds 72% of the mobile market. It competes in the mobile sector with Tunisiana, a joint venture of Wataniya and Orascom Telecom.

Source: Reuters - WDR/Intelecon Regulatory News