Saudi investment group Kingdom Holding 4280.SE said on Saturday its offer for a key stake in Zain Saudi 7030.SE expired after it failed to reach a deal with the seller, Kuwait's Zain (ZAIN.KW).
Kingdom Holding had been seen as the favorite over rival bidder Bahrain Telecommunications Co BTEL.BH (Batelco) to buy a one quarter holding in Zain's debt-troubled Saudi subsidiary, valued at $750 million.
"The board of Zain Kuwait did not provide Kingdom Holding with an answer with regard to the presented offer so the offer period expired without reaching any agreement," Kingdom Holding said in a statement issued via the Saudi bourse.
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