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.
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