Qatar's Mannai Corp MCCS.QA will buy a 35 percent stake in Axiom Telecom for an undisclosed amount, the Dubai-based retailer said in a statement on Thursday.
The sale follows Axiom's aborted initial public offering (IPO) last year, when it planned to sell up to one-third of its shares to institutional investors. Axiom cited "market conditions and liquidity" concerns. [ID:nLDE6B51YK]
Axiom had been expected to list on the Nasdaq Exchange with a market value of up to $1 billion, but the company said the Mannai deal was at a higher valuation, without offering further details on pricing.
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