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Etisalat's deadline for Zain deal extended

Etisalat has until January 31 to complete due diligence for deal - report.

Etisalat has until January 31 to complete its due diligence for its proposed acquisition of Zain Group.
Etisalat has until January 31 to complete its due diligence for its proposed acquisition of Zain Group.

The deadline for UAE telco Etisalat to complete due diligence for its planned acquisition of a 46% stake in Zain Group has been extended until the end of January, according to UAE daily, The National, which cited Nasser al Kharafi, chairman of Kharafi Group, a major shareholder of Zain.

The original deadline for Etisalat to complete its due diligence passed on January 15, with the UAE operator claiming that it had not received all of the information it required to complete due diligence.

Shortly after the original deadline had passed, Etisalat said that it was continuing to work towards acquiring a 46% stake in Zain Group.

Etisalat said that both parties continued "to work toward the announcement of a definitive transaction" but failed to indicate a timeframe for completion for the due diligence.

Etisalat announced its bid to acquire a 46% stake in Zain for almost $12 billion in November 2010.

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