Egyptian Billonnaire to sell Italian stock sale under investigation in the US

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Egyptian billionaire Naguib Sawiris said at the World Economic Forum in Sharm El Sheikh that he is currently looking at three American companies to sell the 10 per cent stock he holds in Italy’s Weather Investments.

He told reporters that he “expects the deal to be done in a couple of weeks.” He didn’t elaborate.

The Egyptian mogul added that the talks were underway with three US private equity companies.

Sawiris is looking to sell the 10 per cent in order to repay a debt to Italian u tility company Enel SpA that sold mobile operator Wind to Sawiris for over 12 billion euros (US$ 18.6 billion) including a debt in 2006.

The 2006 deal was one of Europe’s largest ever buyouts at the time. Sawiris must pay Enel 1 billion euros by June 13, Italian newspaper Il Sole 24 reported.

Sawiris did not elaborate on the sale, but said it was not yet clear how much he would raise in the Weather deal.

Italy is currently investigating 11 people in connection with corruption over the 2006 Wind deal that Sawiris secured.

International  International news in general
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