Etisalat Egypt buys two Internet providers
Cairo, November 1, 2008
Etisalat Egypt, a unit of UAE-based Emirates Telecommunications Corporation, has bought Internet service providers Nile Online and EgyNet, Egypt's state news agency Mena said on Saturday.
The news agency did not give the value of the deals, but said that the two companies held 70 per cent of the Egyptian market share in business sector Internet services and data networks.
'The purchase aims to strengthen Etisalat Egypt's strategy in providing comprehensive and integrated high-speed Internet services and integrated telecoms services for the business sector,' Mena quoted Etisalat as saying.
Etisalat Egypt had in February agreed to buy 27.3 per cent of Nile Online and 16.5 per cent of EgyNet from Telecom Egypt.
But Telecom Egypt, which had announced that deal earlier this year, did not disclose its value.-Reuters