Home / Etisalat poised to announce acquisition

Etisalat poised to announce acquisition

UAE operator planning takeover in telecom sector, will announce details shortly, COO says.

Emirates Telecommunications Corp. (Etisalat) is set to announce an acquisition of a telecom firm shortly, its chief operations officer said on Tuesday.

"We will announce an acquisition [of a telecom firm]," Ahmad Julfar told newswire Reuters by telephone.

He declined to give further details.

Etisalat is set to acquire a 49 percent stake in India's Swan Telecom for around $1.3 billion, the daily Business Standard reported on Tuesday, citing sources.

Julfar declined to comment on the report. (Reuters)

Follow us to get the most comprehensive technology news in UAE delivered fresh from our social media accounts on Facebook, Twitter, Youtube, and listen to our Weekly Podcast. Click here to sign up for our weekly newsletter on curated technology news in the Middle East and Worldwide.