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.

  • 25 Mar 2011

Batelco and Kingdom Holding both said during the week that they remain committed to the joint $950m cash offer for Zain’s 25% stake in the Saudi unit.

Loans bankers said that the continuing unrest in Bahrain could affect Batelco’s ability to raise financing for the acquisition.

Worries dismissed

But the ...

Please take a trial or subscribe to access this content.

Contact our subscriptions team to discuss your access:

Corporate access

To discuss GlobalCapital access for your entire department or company please contact our subscriptions sales team at: or find out more online here.

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 7,026 25 11.95
2 Citi 6,449 21 10.96
3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 1,712.34 6 12.44%
2 SG Corporate & Investment Banking 1,292.64 1 9.39%
2 Rabobank 1,292.64 1 9.39%
4 Mizuho 1,215.54 3 8.83%
5 Wells Fargo Securities 1,012.71 4 7.36%