Reliance ends deal talks with Batelco
Batelco no longer in the running to acquire unit of Reliance Communications
Bahrain's Batelco is no longer in the running to acquire Reliance Globalcom Ltd, the global services unit of India's Reliance Communications.
Earlier in the month, reports suggested that the two companies had been close finalising to a deal.
Reliance Communications, which is looking to sell its global services unit, said in a statement that that it was now in advanced talks with another buyer, a consortium led by Samena Capital.
"Samena Capital, in a proposed Consortium with certain other global PE funds, is at an advanced stage of the process of due diligence and completion of definitive documents in relation to the acquisition of Reliance Globalcom Ltd, our global communications services business unit. The intended time line for completion is end of May 2013," the statement from Reliance Communications said.
However, the company added that there could be no certainty that this would lead to a transaction.