Home / Orascom Telecom looks to expand into Latin America

Orascom Telecom looks to expand into Latin America

Telecom Italia left the controlling group of Brasil Telecom in 2002 just before a lengthy battle began for control of the company. Citigroup and a bloc of Brazilian pension funds have controlled the telco since September 2005.

Fresh from announcing his investment company’s acquisition of Greek operator TIM Hellas, Orascom Telecom chairman Naguib Sawiris said Orascom has bid for a stake in Brazilian phone company Brasil Telecom Participacoes, the third-largest fixed-line operator in the country.

Telecom Italia, a major shareholder in Brasil Telecom, is assessing the bid though the amount bid is yet to be revealed. Brasil Telecom also offers wireless and internet broadband services.

Telecom Italia left the controlling group of Brasil Telecom in 2002 just before a lengthy battle began for control of the company. Citigroup and a bloc of Brazilian pension funds have controlled the telco since September 2005, with Telecom Italia International holding a 38% stake in Solpart Participacoes, which is Brasil Telecom's holding company.

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