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Batelco CEO: still eyeing May to close Zain deal

Batelco CEO: still eyeing May to close Zain deal

Bahrain's Batelco says it and partner Kingdom Holding are still aiming to close a deal to acquire mobile provider Zain's Saudi operations by May even though a related deal fell through.
Batelco CEO Peter Kaliaropoulos told the Associated Press by email Tuesday that the companies' advisers are currently working on sorting out the due diligence process of examining the unit's books.
Emirati telecom Etisalat dropped its bid for a large stack of Kuwait-based Zain on Saturday. Zain's sale of the 25 percent stake in the Saudi unit that bears its name was necessary for the larger Etisalat deal to go through.
Batelco and Kingdom Holding are offering $950 million for Zain's 25 percent stake in Zain Saudi Arabia.


Updated : 2021-04-21 22:42 GMT+08:00