Telecom Egypt Said to Narrow Adviser Shortlist for Sale

Lazard Ltd. and EFG-Hermes Holding SAE are competing with JPMorgan Chase & Co. to advise Telecom Egypt on the planned sale of its 45 percent stake in Vodafone Group Plc’s local unit, people with knowledge of the matter said.

The monopoly fixed-line phone company, majority-owned by the government, may soon take a decision on which of the two parties to hire, the people said, asking not to be identified as the information is private. The adviser will also help review the company’s other investments, according to the people.

Telecom Egypt will sell its holding in Vodafone Egypt by the end of 2015, the government said in September.

Officials have also approved the issuance of a license that allows Telecom Egypt to become the country’s fourth mobile services provider and permits the local units of Vodafone, Orange SA and Emirates Telecommunications Corp. to sell land lines.

Vodafone owns 55 percent of its local unit. The company said in March that it may seek international arbitration if the new license gives an unfair advantage to Telecom Egypt or creates a conflict of interest.

An official for Telecom Egypt and representatives at EFG-Hermes didn’t immediately return phone calls and request for comment. A representative for Lazard in London declined to comment, as did a spokeswoman for JPMorgan.

Source: Bloomberg

Leave a comment