
ITALY – US private equity firms in Weather Investment talks
It is understood that Egyptian billionaire Naguib Sawiris is in talks with three US private equity firms over the sale of a 10% stake in Italian holding company Weather Investments.
The transaction would enable the magnate to repay the debt associated with the acquisition of Italian mobile operator Wind, which was purchased from utility company Enel SpA in 2006 in a deal worth more than EUR 12bn (including debt). Reports suggest that, under the terms of the agreement, Sawiris has to repay Enel EUR 1bn by June 13.
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