Bader al-Kharafi, one of the powers behind Etisalat’s bid for 51% of Kuwait-based Zain, has said that he sees the deal closing during the second half of January.
Bader is vice chairman of the Al Kharafi Group, Zain’s most powerful shareholder, which owns…
Bader al-Kharafi, one of the powers behind Etisalat’s bid for 51% of Kuwait-based Zain, has said that he sees the deal closing during the second half of January.
Bader is vice chairman of the Al Kharafi Group, Zain’s most powerful shareholder, which owns up to 20%.
Al-Kharafi told Reuters that despite legal obstacles and Etisalat’s challenge to borrow the requisite US$12bn to buy the firm, the deal will go ahead.
Etisalat is in negotiations with a cabal of bankers to raise the money and has swapped term sheets on a US$6bn bridging loan and two US$3bn loan tranches – one over three years and one over five years – with 10 banks.
