Batelco studies $2bn buy in North Africa

Bahrain Telecommunications (Batelco) is studying an acquisition in North Africa of worth to $2 billion, its chief executive said in remarks published on Sunday.

The Al-Watan newspaper cited Batelco's chief executive, Peter Kaliaropoulos, saying the telecoms operator expected to announce the deal before the end of the year, without providing further details.

A spokeswoman for the company had no immediate comment on the report.

Batelco had submitted a bid for a stake in Morocco's Meditel telecoms firm, which Portugal Telecom and Spain's Telefonica sold to Moroccan investors last week.
  
Meditel, the country's second-largest operator, said after the sale it was still open to sell a stake to a foreign operator.

Batelco is looking to grow abroad to offset increasing competition in its home market.

Kaliaropoulos told Reuters in March the company could spend up to $2 billion for an acquisition in Africa this year, after it bought a 49 per cent stake in Indian mobile phone operator S Tel Ltd for $225 million in January.