Pursuits
Billionaire Sawiris Expresses Interest in Brazil Carrier Oi
- Egyptian says Oi has great potential once debt restructured
- Says merger with Telecom Italia’s local unit makes sense
Naguib Sawiris.
Photographer: Simon Dawson/BloombergThis article is for subscribers only.
Egyptian billionaire Naguib Sawiris said he’s prepared to invest in Oi SA, the Brazilian wireless carrier that filed for bankruptcy protection on $19 billion in debt this week.
Sawiris, who controls a majority stake in Egypt’s Orascom Telecom Media and Technology Holding SAE, said Oi has great potential once its debt is restructured and provided the company gets a capital increase and a strong industrial plan. Egypt’s second-richest man is ready to invest if he’s granted exclusivity for talks, he said in an interview Tuesday.