Etisalat has 50% chance to close Zain deal

18 Feb 2011

(MENAFN) The Chairman of Etisalat, Mohammed Omran, said that there is a 50 percent chance that the company would win the deal to obtain the Kuwaiti telecommunications operator Zain by the end of February 2011, reported The National.

Omran said that telecoms operators are facing difficulties in completing major deals because of the recent economic crisis. The company was not able to complete any major deals such as acquiring a 46 percent equity stake in Zain in a deal worth over USD11 billion in 2010.

The Chairman said that Etisalat has to finalize 3 issues in order for the deal to be closed which are: the completion of Etisalat’s due diligence process, the sale of Zain Saudi Arabia, and Etisalat acquiring 46 percent of Zain’s outstanding stock.

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