UAE-based telco Etisalat is reportedly on the lookout for Asian and African greenfield licences and partnerships to enter new markets, in response to decreasing M&A opportunities.
The company believes there is an ongoing need for consolidation in the…
UAE-based telco Etisalat is reportedly on the lookout for Asian and African greenfield licences and partnerships to enter new markets, in response to decreasing M&A opportunities.
The company believes there is an ongoing need for consolidation in the industry and it has enough reserve cash to acquire another operator, reported Reuters citing VP for corporate communications Ahmed bin Ali.
But in the absence of available M&A opportunities, Etisalat is looking for partnerships and alliances to expand, Ahmed bin Ali reported reportedly added, pointing to how operators in Africa and Asia could benefit from its experience.
Etisalat was unable to comment before the press deadline.
Back in March, Etisalat scrapped a near-$US12bn plan to buy 46% of Kuwaiti rival Zain, after conducting due diligence.
The group said it ditched its proposed acquisition because of political unrest in the region, non-unanimous agreement among Zain’s board and shareholders, as well as the impact of Kuwait’s new mandatory offer rules, which require a company bidding for over 30% of a listed local firm to make the same offer to all remaining shareholders.
