Etisalat is seeking to borrow US$1 billion (Dh3.67bn) apiece from 12 banks to buy a controlling stake in Zain, in what is shaping up to be one of the largest financed acquisitions in Middle East history, according to banking sources close to the deal cited by Reuters.
The market appetite for the loan is strong, with about 20 banks looking at the telecoms deal, one of the bankers said.
"I think this is a sign of good liquidity generally for strong names. Etisalat is a very strong company which happens to be in Abu Dhabi, but it would have got the same response if it was in Europe or Asia," the banker was quoted as saying by Reuters.
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