Sep 13 2007 |
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Vivendi in talks over Oger Telecom stake
Thursday, Sep 13, 2007
Vivendi, the French media group, is in talks that could lead to it investing in Oger Telecom the acquisitive Dubai-based company that owns telecoms businesses in emerging markets.
Oger Telecom is a subsidiary of Saudi Oger, a Saudi Arabian conglomerate that is controlled by relatives of Rafiq Hariri, the late Lebanese prime minister.
Last November, stock market declines in the Middle East forced Oger Telecom to cancel a planned flotation in both London and Dubai.
The value of telecoms assets in emerging markets has surged in the past two years, partly because western companies are searching for growth by investing in developing countries.
Another person close to the talks said Vivendi did not envisage remaining a long term minority shareholder in Oger Telecom if it did end up taking a stake.
Oger Telecom 's largest asset is a controlling stake in Turk Telekom, Turkey's former state telecoms monopoly, which it bought for $6.6bn for in 2005.
Its other operations are Cell C, South Africa's third largest mobile operator, and Cyberia, an internet service provider in Saudi Arabia, Lebanon and Jordan.
Jean-Bernard Levy, Vivendi's chief executive, told the Financial Times: "We have repeatedly said that we were looking for investments in fast-growing economies in the telecoms area."
Vivendi has a controlling stake in SFR, France's second largest mobile operator, and Maroc Telecom , Morocco's leading telecoms company. It initially bought a minority stake in Maroc Telecom .
After the Paris stock market closed, Vivendi confirmed that discussions were "underway with Saudi Oger which may lead to an equity investment in Oger Telecom ."
Saudi Oger also confirmed that discussions with Vivendi were underway. In June, Oger Telecom reported revenue of $5.8bn for 2006, up 4 per cent on a pro forma basis, and net income of $1.3bn.
Adam Jones in Paris and Andrew Parker in London
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