The Gulf telecoms market has rarely been dull, with $33bn of acquisitions in the past four years alone. But the reign of the Big Four has remained intact - until now.
Etisalat, the UAE’s dominant player, is offering $10.5bn for a controlling stake in Kuwaiti operator Zain. It’s the first time one of the Big Four has bid for another, and shows just how far - and how quickly - Zain has fallen from grace.
As recently as 2007, Zain announced that its “vision” was to have 150m subscribers, annual earnings of $6bn and a place among the world’s largest ten telecoms companies by 2011.
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