Alexa

Zain, Etisalat sign preliminary sales deal

Zain, Etisalat sign preliminary sales deal

A conglomerate with the largest stake in Kuwait's Zain has signed a preliminary agreement to sell a 46 percent stake in the telecommunication firm to its United Arab Emirates-based competitor Etisalat in a deal valued at about $12 billion.
In a statement posted Wednesday on the Kuwait Stock Exchange, the National Investment Co. said it was informed by its client, al-Khair, that it signed the agreement with the Emirates Telecommunications Corp. _ Etisalat _ to begin due diligence for the deal.
Al-Khair is owned by Kuwaiti conglomerate Kharafi Group, which is Zain's largest single shareholder.
Etisalat announced in September it had submitted a "preliminary conditional offer" to buy 46 percent of Zain. Etisalat's chairman said in late October the talks were still in their early stage.


Updated : 2021-04-12 20:49 GMT+08:00