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Etisalat presses on with $12B Zain telecom deal

Etisalat presses on with $12B Zain telecom deal

Emirati telecommunications provider Etisalat says it is speeding up the due diligence process of examining Kuwaiti rival Zain's books as it presses ahead with plans to buy a 51 percent stake.
Etisalat also said Saturday it remains in talks with 18 regional and international banks to organize funding for the deal, adding that it's "highly confident that it will be able to secure the necessary financing."
Abu Dhabi-based Etisalat says it hopes to present results of the proposed $12 billion deal to its board by the end of February.
Etisalat originally hoped to have a deal in place by the middle of January, but the proposed acquisition has faced opposition from some smaller Zain shareholders.


Updated : 2021-02-25 16:22 GMT+08:00