France Telecom SA (FTE) is in talks to purchase part of billionaire Naguib Sawiris’s stake in their Egyptian mobile-phone venture, according to a person familiar with the situation.
While details of the deal are still being discussed, Sawiris may keep a small interest in the company that controls Egyptian Co. for Mobile Services, known as Mobinil, while selling his stake in the operator itself to France Telecom, said the person, who declined to be identified because the talks are private. Sawiris also may retain enhanced voting rights, the person said.
Mobinil, the biggest phone company by revenue in Egypt, has a market value of about $2.3 billion and competes with Vodafone Group Plc's local unit. It was the subject of an ownership dispute between Sawiris and France Telecom Chief Executive Officer Stephane Richard’s predecessor, Didier Lombard, that was settled shortly after Richard took over in 2010.
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