Batelco submits offer for Zain KSA
Bahraini incumbent eyes 25% stake in Zain KSA
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.