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FinancialNews


  • 01-11-10

    Algeria set to buy telecom firm Djezzy

    (MENAFN) The Algerian government said that it was determined to buy Algerian mobile operator Djezzy which is currently being acquired by Norwegian-Russian telecoms giant Vimpelcom as part of a major takeover deal, Reuters reported. Vimpelcom said earlier this month it would consider selling Djezzy to Algeria after it acquired control of parent firm Orascom in a multibillion-dollar deal with Egyptian billionaire owner Naguib Sawiris. The Algerian government has said it plans to nationalize Djezzy as part of a dispute over tax and outstanding debt. Local speculation puts the price for Djezzy, the top Algerian telecoms company with 15 million customers, at $3.0 billion to $3.5 billion dollars. According to Algerian foreign investment laws, the state must hold 51 percent of any foreign company operating in the country.

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