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Telecom Italia offloads Oger Telecom stake

Telecom Italia has sold its 10.36% stake in Oger Telecom to Saudi Oger for $477 million.

Telecom Italia has sold its 10.36% stake in Oger Telecom to Saudi Oger for US$477 million as part of a plan to focus on its core assets.

The Italian telecom service provider bought the stake in Dubai-based Oger Telecom to join Saudi Oger in the 2005 purchase of a 55% stake in Turkish operator Turk Telecom.

Oger Telecom runs phone services in Turkey and South Africa, and internet services in Saudi Arabia, Jordan and Lebanon.

It is majority owned by Saudi Oger, which in turn is controlled by relatives of late Lebanese Prime Minister Rafiq Hariri.