Kingdom, Batelco to start Zain deal due diligence

Both companies have received approval from the telco
Kingdom Holding and Batelco are set to buy MTC's stake in Zain Saudi Arabia
Kingdom Holding and Batelco are set to buy MTC's stake in Zain Saudi Arabia

Share

Kingdom Holding and Bahrain Telecommunications (Batelco) are set to start due diligence for buying Mobile Telecommunications Company's stake in its Zain Saudi Arabia unit.

The move comes after both companies received approval from the telco, Kingdom said in a statement to the Saudi bourse on Saturday.

Kuwait's Mobile Telecommunications (Zain) said on Thursday it had signed a term sheet agreement with Batelco and Kingdom Holding to sell its stake in Zain Saudi Arabia.

Kingdom and Batelco made a joint offer for the stake last month.
Offloading the 25% holding in Zain Saudi was the pre-requirement of a $12bn takeover of parent Zain by the UAE's Etisalat.

The deal fell through last month after Etisalat walked away. Yet Zain is still pursuing the Zain Saudi stake sale, despite Etisalat withdrawing its offer last month, citing Zain's divided board and regional unrest.

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