Saudi mobile operator Etihad Etisalat (Mobily) subsidiary Bayanat has further delayed a deal to acquire a stake in fixed-line telco Etihad Atheeb Telecom (Go) because of “challenges” linked to the structuring of the proposed transaction.
The…
Saudi mobile operator Etihad Etisalat (Mobily) subsidiary Bayanat has further delayed a deal to acquire a stake in fixed-line telco Etihad Atheeb Telecom (Go) because of “challenges” linked to the structuring of the proposed transaction.
The transaction is still at the “due diligence stage” as Bayanat has yet to complete commercial, financial, technical and legal due diligence, according to a Saudi Stock Exchange notice.
As a result, the long-stop date of the MoU has been extended by 90 days to 30 April 2014 instead of 30 January 2014.
The deal also needs to receive regulatory clearance.
In August last year, Mobily agreed with some of the Go founding shareholders to acquire a controlling stake in the company for an undisclosed amount.
However in November, Mobily and Go extended deal discussions to 30 January 2014, cancelling exclusivity undertakings between the parties.
