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Etisalat hires adviser for Warid Telecom bid

UAE's Etisalat hires Goldman Sachs to advise on Warid bid, Reuters reports

Mergers and acquisitions, Operators, Telecoms, IT Business, Emirates Telecommunications Corporation International

UAE telco Etisalat has hired Goldman Sachs Group to advise on its planned bid for Warid Telecom, a mobile operator in Pakistan, according to a report from Reuters, which cited two sources aware of the matter.

Warid Telecom is currently owned by The Abu Dhabi Group, a UAE business conglomerate which put the operator up for sale last month. The sale could raise up to $1bn, according to Reuters.

Etisalat already has a presence in Pakistan through its stake in Pakistan Telecommunication Co Ltd (PTCL).

Warid launched its cellular services in Pakistan in May 2005 and had 12.54m subscribers by the end of March this year, down from 17.39m in 2010-11, the report added.