Tuesday, November 08, 2005

Tues - Wind another consolidator in European Telecoms?

Wind, seems to be on the mend and making noises about buying other European telco assets. After all, Wind, the phone and internet company Egyptian financier Naguib Sawiris bought from Italian utility Enel in August had a 3rd quarter profit from a year ago loss as it added customers.

The aptly named Weather Investments, Mr Sawiri's buy-out vehicle, bought Wind in a bid valuing the business at nearly $15bn. He plans to use Wind to expand wireless operations into Europe. He certainly has a brand there - even though the Brits may have a few baked beans jokes for it!

Given that Sawiri is also Chairman of Orascom Telecom which runs wireless networks in 7 Middle Eastern countries, he could be on the verge of building a pan European and Middle Eastern regional powerhouse. So, it looks like Europe may get yet another telco consilidator. They surely can't all win(d)?!

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