We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Mon 6 Dec 2010 06:38 PM

Font Size

- Aa +

Etisalat to seek over $10bn from banks at London meeting

UAE's largest phone company may hold the meeting by December 16

Etisalat to seek over $10bn from banks at London meeting
BIG PLAYER: Etisalat offers telecommunications in 18 countries in the Middle East, Africa and Asia

Emirates Telecommunications Corp plans to meet lenders next week in London to discuss terms on more than $10 billion of debt to fund its bid for a stake in Kuwait’s biggest phone operator, three people familiar with the situation said.

Etisalat, as the UAE’s largest phone company is known, may hold the bank meeting by December 16, said the people, who declined to be identified because the talks are private. The deal would be the largest acquisition financing by a company in the Middle East and Africa since at least 1999, according to data compiled by Bloomberg.

Abu Dhabi based Etisalat said on September 30 it offered about $12 billion for a 46 percent stake in Mobile Telecommunications Co, or Zain.

The deal would extend Etisalat’s reach in the Middle East, where Zain operates in countries from Kuwait and Iraq to Bahrain. Etisalat offers telecommunications in 18 countries in the Middle East, Africa and Asia, counting more than 100 million customers, according to its website.

The seven emirates of the UAE make up about 86 percent of Etisalat’s sales.

Ahmed Bin Ali, a spokesman at Etisalat, wasn’t immediately available to comment.

Arabian Business: why we're going behind a paywall

For all the latest tech news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
Real news, real analysis and real insight have real value – especially at a time like this. Unlimited access ArabianBusiness.com can be unlocked for as little as $4.75 per month. Click here for more details.