UAE-based Etisalat is “not in acquisition mode”, despite reports in the press suggesting otherwise, head of M&A Tim Knowles said.
Speaking at the 2014 TelecomFinance Conference in January, Knowles said that the group is currently focusing on its…
UAE-based Etisalat is “not in acquisition mode”, despite reports in the press suggesting otherwise, head of M&A Tim Knowles said.
Speaking at the 2014 TelecomFinance Conference in January, Knowles said that the group is currently focusing on its existing portfolio of 15 telecoms subsidiaries in the Middle East, Africa and Asia.
Specifically, Etisalat is looking at which markets it should stay in and which ones it should exit, he explained.
Shortly after the UAE telco submitted a €4.2bn bid to acquire half of Maroc Telecom in July last year, reports suggested that Etisalat was looking to both further expand and consolidate its existing portfolio through acquisitions.
Knowles dismissed some of those suggestions but indicated that certain operations could be strengthened via in-market consolidation. “The key focus has always been about optimising our existing portfolio,” he told TelecomFinance on the sidelines of the conference.
Knowles also pointed to the difficulties in doing deals in certain African and Middle Eastern markets because of financing and political uncertainties.
Etisalat is the process of offloading its telecoms towers in Nigeria, and so are rival operators MTN and Airtel. “The question is whether there will be enough bidders in the market,” Knowles said.
Separately, he commented that Etisalat is well-funded but is trying to raise quite significant financing.
