Billionaire Naguib Sawiris has been eyeing on an investment in Telecom Italia, reported Ventures Africa. The news cited a Reuters report on Monday saying that the capital outlay by the Egyptian mogul could be valued a hefty USD2 billion.

Reuters reported citing a source familiar with the matter saying that the investment would take place if Telefonica, the biggest shareholder in Telecom Italia, would withdraw its holdings from the company.

Two years ago, Sawiris tried to get into Telecom Italia through a big to acquire a stake in the company, said Ventures Africa. However, Sawiris failed to get hold of a stake after saying that Telecom Italia needed heavy financial backing.

According to the source which told Reuters, “I don’t expect things to move in the short term. Telecom Italia still looks too expensive for Naguib.”

Sawiris was against the role taken by Spanish Telefonica in Telecom Italia. Sawiris saw this as a conflicting interest in Brazil.
The 15 percent stake of Telefonica in Telcom Italia is now confronted with issues after the latter’s ownership in Brazil’s market leader Vivo.