Mobile phone service provider Zain Saudi says it has signed a nonbinding term sheet for the sale of a $950 million, 25 percent stake, in the company to Bahrain’s Batelco Group and the investment firm headed by Saudi billionaire Prince Alwaleed bin Talal.
The announcement Wednesday by Saudi Zain, a subsidiary of Kuwait’s Zain, comes after Kingdom Holding Co. said in June its board had signed off on a similar term sheet with Batelco. KHC and Batelco are trying to buy the Kuwaiti telecom giant’s stake in the Saudi firm.
KHC has said it expects the deal to be finalized by the end of the third quarter of 2011.
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