Batelco submits offer for Zain KSA

Bahraini incumbent eyes 25% stake in Zain KSA

Tags: Batelco Middle East CompanyEmirates Telecommunications Corporation InternationalUnited Arab EmiratesZain Group (www.zain.com)
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Batelco submits offer for Zain KSA Peter Kaliaropoulos said the offer will remain open until February 16. (George Dipin/ITP Images)
By  Roger Field Published  February 10, 2011

Bahrain's incumbent telecom operator, Batelco, has submitted an offer to acquire Zain Group's 25% holding in Zain KSA.

Peter Kaliaropoulos, CEO, Batelco Group, said the company had submitted a "confidential, non binding offer" to acquire Zain Group's stake in Zain KSA. He added that the offer would remain valid until February 16.

"Our offer is subject to due diligence and a number of terms and conditions, including approvals from regulatory authorities such as Communications & Information Technology Commission and Capital Market Authority, Zain KSA board directors, and other relevant parties," Kaliaropoulos said in a statement.

The deal, should it go ahead, could also help pave the way for UAE telco Etisalat's proposed acquisition of a 46% stake in Zain Group. That deal is dependent on Zain Group disposing of its stake in Zain KSA for regulatory reasons, as Etisalat also has a presence in Saudi Arabia through its stake in Mobily.

Batelco, which has a footprint spanning the Middle East, Africa and Asia, has some 9.2 million customers globally.

 

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