UAE telecoms firm says it has accumulated all the information required for due diligence on Kuwait's Zain
UAE telecoms firm Etisalat, whose $12bn bid for a controlling stake in Zain
has been hit by setbacks, on Wednesday said it was still
interested in the Kuwaiti firm.
Etisalat said it had accumulated all the information
required for due diligence on Zain and will now
analyse it and discuss the results with the seller.
"[Etisalat's] stand towards Zain acquisition is not changed
and Etisalat is still interested in the Zain deal," a spokesman
said in a statement.
Etisalat, the Gulf's largest telecoms firm, offered in
September to buy a 46-percent stake in Zain for KD1.7 a
share from major Zain shareholder, Kuwaiti family conglomerate
On Tuesday, a Zain source said the Abu Dhabi-based firm's
attempt to buy the stake had failed, hours after the deal's
architect appeared to walk away.
National Investments Co (NIC), the investment
firm owned by Kharafi Group, on Tuesday said its binding
agreement to sell the stake to Etisalat was over after a
February 28 deadline for due diligence passed unmet.