“Exploring the opportunities this great country has to offer,” those are the words of Egyptian businessman Naguib Sawiris after agreeing to a takeover of Italian directories firm Seat Pagine Gialle. The move will create a leading online advertiser.
Sawiris controls Internet company Italiaonline. Under the deal two top Seat shareholders will give Italiaonline 53.9 percent of Seat share capital in exchange for 33.8 percent of Italiaonline’s capital, the parties said.
Directories companies across Europe have been forced into major financial restructuring as the Internet and a downturn in advertising takes its toll.