Tecom Investments, the UAE company that was a founding investor in mobile phone operator Du, wants to make two or three telecommunications acquisitions outside its home market during 2008.
“We are considering two to three acquisitions this year,” says Abdullatif al-Mulla, chief executive officer of Tecom.
Tecom expects to make the acquisitions in the Middle East and North Africa. It would also look at stakes in developing markets in Europe and Asia.
In March 2006, Tecom made its first acquisition outside the UAE when it won an auction to buy a 35 per cent stake in Tunisie Telecom with a TD3.1bn ($2.3bn) bid (MEED 31:3:06).
The UAE company outbid French media conglomerate Vivendi in the competition held by the Tunisian government.
Tecom has held a 25 per cent stake in Du since the company launched in late 2006.