Blackstone, Apax eye Weather Investments stake: WSJ

NEW YORK (Reuters) - Blackstone Group LP (BX.N: Quote, Profile, Research, Stock Buzz) LP and Apax Partners Worldwide LLP are front-runners to buy a minority stake in Weather Investments SpA, a telecom holding company controlled by Egyptian billionaire Naguib Sawiris, the Wall Street Journal reported Tuesday, citing people close to the discussions.

The purchase price could total 1.2 billion euros ($1.7 billion), the Journal said, citing people close to the talks. Other possible buyers include TPG Capital TPG.UL, the sources said.

Sawiris in an interview told the paper he had planned to take his company public, but now was more inclined to sell a 10 to 12 percent stake.

A sale, which could value Weather at more than 10 billion euros, could happen as early as the next few weeks, he said. Proceeds could be used to pay down debt or for new acquisitions, he said in the Journal interview.

One business in his sights is France's Bouygues Telecom, part of the Bouygues SA (BOUY.PA: Quote, Profile, Research, Stock Buzz) group, the paper said.

Weather owns Italy's Wind Telecomunicazioni SpA, Greek wireless operator Wind Hellas Telecommunications SA, and a 51 percent stake in Orascom Telecom Holding SAE, the Middle East and Africa's largest telecom company by customers.

(Reporting by Joseph A. Giannone)