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Batelco submits offer for Zain KSA

Bahraini incumbent eyes 25% stake in Zain KSA

Peter Kaliaropoulos said the offer will remain open until February 16.
Peter Kaliaropoulos said the offer will remain open until February 16.

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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