MERGERS, ACQUISITIONS AND FINANCIAL RESULTS

Egypt won't allow Telecom Egypt to buy Orascom IT units

The Egyptian government will not allow Telecom Egypt to purchase two information technology units, up for sale by Orascom Telecom, preferring private investors as buyers, the communications minister said.

"We will not allow it because it (Telecom Egypt) will be too dominant in the market," Tarek Kamel told Reuters in an interview at a telecoms industry conference in Geneva. "It would exceed 90 percent of the capacity and I would be hesitant to allow that," Kamel said. Telecom Egypt has said it would be interested in buying Orascom Telecom's LINKDotNet operations.

Reuters

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