Etisalat abandons Zain bid

UAE telco gives up on attempt to buy controlling stake in Kuwait's Zain
Etisalat said that following due diligence and upheaval in the region, it was no longer looking to buy a stake in Zain
Etisalat said that following due diligence and upheaval in the region, it was no longer looking to buy a stake in Zain


Etisalat has announced that it has abandoned attempts to gain a controlling stake in Kuwaiti rival Zain.

In a statement released today, Etisalat said "Due to the results of due diligence done by Etisalat's financial advisers and legal experts, the political turmoil in the region, the absence of a consensus between Zain's shareholders, and the effect of the law binding offers that is due to be issued in Kuwait...Etisalat conditions that were announced on Nov.3 are no longer applicable."

Etisalat had been in negotiations to buy a 46% stake in Zain, valued at just under $12 billion, from a consortium of shareholders led by the Kharafi Group. Talks had been underway since September 2010, but the move was opposed by Zain's board, and there were numerous delays in the process.

REGISTER NOW | Webinar Event | Security you can bank on – Safeguarding the Middle East’s financial sector

Presented in partnership with security and network specialist Cybereason, the second in the three part webinar series will bring together a panel of experts to discuss how banks and financial institutions are evolving their service offering while simultaneously staying one step ahead of the cyber criminals who seek to bring their operations crashing to the ground.

Editor's Choice

Emerson expands analytics platform for industrial enterprise-level wireless infrastructure management
Plantweb Insight platform adds two new Pervasive Sensing applications that manage wireless networks more efficiently with a singular interface to the enterprise
Digitalisation seen as a competitive advantage by Middle East private businesses
Nearly 80 per cent of private business leaders acknowledge that digitalisation can impact business sustainability
Etisalat introduces Multi-Access Edge Computing architecture delivering best-in-class video streaming performance for 5G networks
MEC architecture achieves performance gains of as much as 90% in video streaming, validating how ultra-low-latency applications will be delivered over 4G and 5G networks

Most popular

Don't Miss a Story