Saudi mobile player Etihad Etisalat (Mobily) and shareholders of Etihad Atheeb Telecom (Go) have extended deal discussions for a stake in the fixed-line operator to 30 January.
In late August Mobily, which is an affiliate of UAE’s Etisalat, signed a…
Saudi mobile player Etihad Etisalat (Mobily) and shareholders of Etihad Atheeb Telecom (Go) have extended deal discussions for a stake in the fixed-line operator to 30 January.
In late August Mobily, which is an affiliate of UAE’s Etisalat, signed a memorandum of understanding with some of the founding shareholders of Go to buy a controlling interest in the company.
At the time, the proposed transaction was subject to certain conditions being fulfilled by 30 November, including regulatory approvals, due diligence and the parties executing a definitive deal agreement.
But in a stock exchange filing today, Bayanat, a subsidiary of Mobily through which the acquisition is expected to be conducted, requested the deal talks should be extended by 60 days to 30 January 2014. Any exclusivity undertakings between the parties have been cancelled.
The MoU was inked with Atheeb Trading Company, which has a 16.4% stake in Go, Al Nahla (13.9%), Traco Trading and Contracting (5.9%) and the Saudi Internet Company, which has an undisclosed interest in the fixed-line operator.
A deal value has not been disclosed and Mobily declined to comment further on the announcement.
