Home / Etisalat one of four remaining runners for Armentel stake

Etisalat one of four remaining runners for Armentel stake

The outcome of the tender is expected some time after July 20, and analysts have indicated a valuation of the 90% stake on offer at between US$200 million and US$450 million.

Etisalat is one of four bidders to have been short-listed for a 90% stake in the largest telecoms provider in Armenia, Armentel, which operates both fixed and mobile networks. The Armenian government owns the remaining 10% of Armentel.

Greek telco OTE, which owns the 90% stake, confirmed that a consortium led by Etisalat, which includes Dubai investment house, Istithmar PJSC and Emergent Telecom Ventures, is one of the four remaining bidders, alongside Russian mobile operators MTS and Vimpelcom. The fourth bidder is a consortium comprising VTEL Holding and Knightsbridge Associates.

OTE announced its intention to sell its Armentel stake April 2006, and received serious approaches from eight bidders. Armentel provides service to 595,000 fixed telephone subscribers in Armenia and enjoys a market share of approximately 50% of the mobile market.

The outcome of the tender is expected some time after July 20, and analysts have indicated a valuation of the 90% stake on offer at between US$200 million and US$450 million.

Speaking to CommsMEA, Etisalat CEO Mohammed AlQamzi declared that there were more than 17 international markets the operator was currently looking at, including Yemen, Serbia, Armenia, Egypt and Hong Kong. “There is no place on Earth we don’t think of,” he claimed.

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