04 Nov 2010
(MENAFN) Etisalat Chairman, Mohammed Omran, announced that the telecoms provider has signed a preliminary deal to buy a controlling 51 percent cash stake valued at $12 billion in Kuwait-based Zain, AFP reported.
A statement issued in Abu Dhabi mentioned that one of the conditions of the agreement would be the successful disposal by Zain of its entire interest in Zain Saudi Arabia as soon as possible.
The terms also include the completion of satisfactory due diligence, obtaining all applicable regulatory approvals and that there should be no material adverse change in Zain’s business, financial or regulatory affairs.
The agreement provides excellent integration into Etisalat’s operations, taking into consideration that Zain’s geographic footprint complements that of Etisalat to a large extent. These are the markets of Sudan, Iraq, Kuwait, Jordan, Bahrain, Lebanon and Morocco, Omran explained.
Etisalat stated that the proposal will terminate unless the parties have entered into definitive transaction documents by January 15, 2011.
It is worth noting that the Khorafi Group owns both direct and indirect stakes that amount to nearly 25 percent of Zain, alongside Kuwait’s government, which holds a 24.6percent stake.
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