Zain Saudi sale may yet go ahead even after Etisalat cancels $12bn acquisition offer
Kuwaiti mobile operator Zain may still sell its 25% stake in Zain Saudi to Saudi investment vehicle Kingdom Holding and Bahrain Telecommunications Co (Batelco), even though Abu Dhabi mobile operator Etisalat withdrew its $12bn offer for a 46% stake in Zain on March 19. The sale of Zain’s Saudi subsidiary was a condition of the acquisition laid down by the Saudi regulator.
Batelco and Kingdom Holding both said during the week that they remain committed to the joint $950m cash offer for Zains 25% stake in the Saudi unit.
Loans bankers said that the continuing unrest in Bahrain could affect Batelcos ability to raise financing for the acquisition.
To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: firstname.lastname@example.org or find out more online here.