Abu Dhabi-based Etisalat has hired an M&A adviser as it looks to expand its operations in Pakistan by acquiring Warid Telecom, on the market for a reported US$1bn.
Goldman Sachs has been mandated to work on a deal, Reuters reported citing two sources…
Abu Dhabi-based Etisalat has hired an M&A adviser as it looks to expand its operations in Pakistan by acquiring Warid Telecom, on the market for a reported US$1bn.
Goldman Sachs has been mandated to work on a deal, Reuters reported citing two sources aware of the matter.
The Abu Dhabi Group owns Warid and reportedly put it on the block last month. Were Etisalat to acquire the operator it would take the wireless market down from five players to four, as it already owns Ufone.
The rest of the market is made up by China Mobile’s Zong, VimpelCom’s Mobilink and Telenor.
The UAE telco’s chief strategy officer was reported to have said this week that he would consider opportunities to consolidate its current portfolio. Etisalat is also focusing on acquisitions elsewhere submitting a US$5.5bn bid for Vivendi’s 53% stake in Maroc Telecom earlier this week.
Earlier this year South East Asian telco SingTel exited Warid by selling its 30% stake to The Abu Dhabi Group for US$150m.
