24 May 2012
LATEST NEWS:
WACS launch will boost capacity – and connectivity – in South Africa Lat Am businesses booming as Europe lags behind for international operators 100G technology makes its debut in Central America Free conference calling now available in Israel Internet-free mobile Facebook, email and online chat apps platform launches... Indian telco giant taking steps into Brazil Green power solutions provider spreads into South Asia Cable agreement to bolster international connectivity in Iraq Lat Am giant looks to Netherlands to boost European footprint CSP unifying mediation systems across four Central American countries Thai operator secures wireless distribution agreement Financial services project reaching out to millions of Africans Fibre investment on the way in Algeria Android tablets gaining popularity in Southeast Asia Bharti seeking JV takeover as profits slide How an Alternative Approach to SIM Card Provisioning Helps Operators Cure t... Solar-powered learning initiative takes off in Uganda GSMA voices criticism of Indian licensing proposals Enhanced mobile broadband deploying across three Baltic countries Market developments lay the foundation for future growth in Iraq India Feels More Shockwaves from the So-called ‘2G Scandal' Overpriced broadband faces fibre challenge in Angola First commercial 4G services go live in Croatia VimpelCom sells Vietnamese assets TRAI advocates new operators entering 2G auctions Romania’s first MVNE launching imminently Indian tax change could provoke legal action from Vodafone Mobile growth slows in Iran as penetration reaches saturation point Thailand close to finalising 3G auction process Internet Exchange Points Spur Internet Growth in Emerging Markets Incoming fibre boosts investment prospects for Burundi 3G on the way in Djibouti, but competition is required Fibre, not privatisation, could be the answer for Africa’s fixed-line opera...

Zain accepts preliminary majority bid from Etisalat

Attention: open in a new window. PDFPrint

 The Kuwaiti operator Zain has accepted a preliminary offer by UAE market leader Etisalat to take a majority stake in the firm.

The UAE-based operator’s bid for 46% of the firm met with the approval of Zain’s main shareholder, the Kharafi family, and an agreement has been signed, in a deal worth US$11.7 billion.

The offer amounts to a majority stake as 10% of Zain’s shares are held by the national treasury; Etisalat would therefore hold 51% of the Kuwaiti firm’s issued share capital.

There are certain conditions attached to the offer, including the completion of satisfactory due diligence. In addition, Zain’s Saudi operations are to be sold as Etisalat already operates in the kingdom under the Mobily brand; owning both businesses would breach Saudi regulations.

Etisalat’s chairman, Mohammad Omran, has stated: "Matters are still at an early stage, and the information and data currently available to us are partial. Once the rigorous process of due diligence is completed, the picture will become clear and we will then be in full possession of the pertinent details.”

Omran also noted that Zain’s international operations cover several areas in which Etisalat does not currently operate, and thus complement Etisalat’s operations well. The offer remains preliminary, and will be disregarded unless an agreement is finalised by 15 January 2011.


Add this page to your favorite Social Bookmarking websites
Digg! Reddit! Del.icio.us! Google! Live! Facebook! Technorati! StumbleUpon! Yahoo! LinkedIn! TwitThis Baidu
Readers Comments (0)

HAVE YOUR SAY


You must sign-in to make a comment.


reg_button    reg_button


 

Newsletter

Sign up for Developing Telecoms FREE monthly e-newsletter and keep up-to-date with all the latest news, analysis and postings on the site.

Click here to sign up

Why sign up? Click here