KT considers bid for 35% TT stake, Tunisiana secures USD133m loan

Mergers, Acquisitions and Financial Results

South Korea’s KT Corp has announced that it is in the early stage of talks to purchase a 35% stake in state-backed telco Tunisie Telecom (TT) from Emirates International Telecommunications (EIT), reports Reuters. EIT decided to put the stake up for sale following disagreements with the government and trade unions over the company’s management and a planned initial public offering (IPO).

The IPO was scrapped by the government at the request of the trade union in the wake of the removal of President Ben Ali from power in 2011. 13 companies have expressed an interest in purchasing the stake, including Etisalat and Turkcell, and CommsUpdate reported in mid-August this year that Libya’s LAP Green Networks was involved in talks with EIT regarding the sale.