The failure of Zain to accept any of the buyers for its 25% stake in Saudi business Zain KSA means that its acquisition by UAE incumbent Etisalat is in even more danger of ever going through.
Reuters cites a person close to the transaction as saying the…
The failure of Zain to accept any of the buyers for its 25% stake in Saudi business Zain KSA means that its acquisition by UAE incumbent Etisalat is in even more danger of ever going through.
Reuters cites a person close to the transaction as saying the deal was “on its way to failure”.
Etisalat moved its expected due diligence completion date from the end of February to the end of March, but the influential Zain shareholder group the Al Kharafis told CNBC Arabiya said it is not willing to allow due diligence to go beyond the end of February.
It is thought that the main reason for the delays has been disagreement within Zain itself, since two key shareholders are against a sale to Etisalat.
Etisalat is advised by Morgan Stanley, the al Kharafi Group by BNP Paribas and Zain by UBS and/or Credit Agricole.
