Zain in talks with Etisalat to sell stake - report

Both firms held meetings last week to discuss the potential deal says report

Tags: Etisalat International - UAEInvestmentKuwaitMergers and acquisitionsUnited Arab EmiratesZain - KuwaitZain Group (www.zain.com)
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Zain in talks with Etisalat to sell stake - report Zain is in talks with Etisalat about selling a majority stake in the group.
By  ITP.net Staff Writer Published  June 28, 2010

Kuwaiti telecoms firm Zain is in talks with Etisalat about selling a majority stake in the group, Reuters claimed citing a report published in a local newspaper.

According to daily al-Seyassah, both firms held meetings last week to discuss the potential deal.

Etisalat however refused to confirm the report saying it "does not comment on market speculation and rumours".

The Abu Dhabi operator said it is looking at options in India, including taking a 26-percent stake in the country's second-biggest mobile operator Reliance Communications. On Sunday, Reliance agreed to sell its telecoms tower business to GTL Infrastructure but said it was still seeking to pursue the sale of a 26 percent stake in the firm.

A Zain spokesman could not be reached for comment but, earlier this month, chief executive Nabeel bin Salama said the firm was not in talks to sell further assets after it closed the sale of its African assets, excluding Sudan and Morocco, to India's Bharti Airtel in a $9 billion deal.

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