(The Wall Street Journal) -- Egyptian billionaire Naguib Sawiris said Blackstone Group and Apax Partners Worldwide are the front-runners to buy a stake in his telecom holding company Weather Investments.

The purchase price could total as much as €1.2bn ($1.7bn), according to people close to the discussions. Weather owns Italian carrier Wind Telecomunicazioni and Greek wireless operator Wind Hellas Telecommunications. It also holds a 51% stake in the Middle East and Africa's largest telecom company by number of customers, Orascom Telecom Holding. Sawiris is the chief executive and part owner of Cairo-based Orascom. Orascom operates in several countries across the fast-growing region, including Algeria, Pakistan and Egypt.