The due diligence process for Saudi investment group Kingdom Holdings and Bahraini incumbent Batelco’s US$950m acquisition of Zain’s Saudi business could take up to six weeks, with a sale taking an additional two months, Kingdom’s owner Prince Alwaleed…
The due diligence process for Saudi investment group Kingdom Holdings and Bahraini incumbent Batelco’s US$950m acquisition of Zain’s Saudi business could take up to six weeks, with a sale taking an additional two months, Kingdom’s owner Prince Alwaleed bin Talal has reportedly said.
Zain KSA reported
Earlier this month, Zain KSA signed a two-year SR2.25bn (US$600m) Murabaha refi, the proceeds of which will be used to finance capital projects and meet previous obligations.
Arab National Bank and Banque Saudi Fransi were among the local banks reportedly involved in the transaction.
The sale of Zain’s stake in its Saudi business had been a condition to Etisalat’s now-abandoned US$11.7bn offer to buy 46% of Zain. Though a term sheet has been signed, it has yet to be clarified whether the buyers would take over Zain’s guarantees on the unit’s US$3.8bn in debt, and many in the market question whether Batelco will be able to raise financing to pay for the deal due to the current political unrest in the country.
Kingdom Holding is advised by RBS, while Batelco is advised by Citi. Credit Agricole is advising Zain.
