Zain, Kuwait’s telecommunications company, would have to sell its operations in Saudi Arabia if Etisalat is successful in acquiring a 46 per cent stake in the operator, bankers said.
Etisalat, the state-controlled telecommunications company that is majority owned by the United Arab Emirates government, said on Thursday it had submitted a “preliminary conditional offer” for 46 per cent of Zain for KD1.7 ($6) a share, valuing the stake at about $10.5bn.
The deal would give Etisalat a controlling stake as Zain holds 10 per cent of its own shares in treasury stock, a banker said.
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