Bahrain Telecommunications (Batelco) expects to close an acquisition worth up to US$2bn in Africa or Asia this year, CEO Peter Kaliaropoulos reportedly said.
Quoted by local reports, Kaliaropoulos told a press conference that the group is looking to…
Bahrain Telecommunications (Batelco) expects to close an acquisition worth up to US$2bn in Africa or Asia this year, CEO Peter Kaliaropoulos reportedly said.
Quoted by local reports, Kaliaropoulos told a press conference that the group is looking to expand abroad to offset the rising competition at home.
He said Batelco had settled outstanding debt and could finance a deal worth around US$2bn by raising new debt and investing with equity partners.
Excluding any acquisitions, Batelco expects its 2010 profit to be flat from last year, in part due to high startup costs related to its new Indian venture S Tel.
The group made a net profit of BD100m (US$265m) last year, while revenues grew by only 9%. However, it is still battling a BD5m fine from the telecoms regulator, imposed for allegedly not providing rivals with fair access to its undersea cable.