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 +

Wed 2 Mar 2011 03:40 PM

Font Size

- Aa +

UAE's Etisalat says still interested in Zain deal

UAE telecoms firm says it has accumulated all the information required for due diligence on Kuwait's Zain

UAE's Etisalat says still interested in Zain deal
FIRM INTEREST: 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

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

Kharafi Group.

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.

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.