Etisalat deal off, Zain Saudi sale in limbo

21 Mar 2011

Abu Dhabi mobile operator Etisalat withdrew its bid for a 46% stake in Kuwaiti telecoms company, Zain, over the weekend. By cancelling the $12bn acquisition, Etisalat threw into doubt the related sale of Zain’s stake in Zain Saudi to Kingdom Holding and Bahrain Telecommunications Company (Batelco).

Batelco said that it remained committed to its joint $950m cash offer for Zain’s 25% stake in the Saudi unit. The sale of Zain’s Saudi subsidiary was a condition laid down by the Saudi regulator for the acquisition of the stake in Zain by Etisalat.

Loans bankers said ...

Already a subscriber?

Continue reading this article

Try full access to GlobalCapital

Free trial