Qatar's Mannai Corp will buy a 35 per cent stake in Axiom Telecom for an undisclosed amount, the Dubai-based retailer said in a statement on Thursday.
The sale follows Axiom's aborted initial public offering (IPO) last year, when it planned to sell up to one-third of its shares to institutional investors. Axiom cited "market conditions and liquidity" concerns.
Axiom had been expected to list on the Nasdaq Exchange with a market value of up to $1 billion, but the company said the Mannai deal was at a higher valuation, without offering further details on pricing.
"If any other strategic investor or partner is interested to make an offer, then we will consider it," Axiom's Chairman Abdul Aziz al-Bannai told Reuters.
Mannai Corp, which is listed in Qatar but is not on the main index, is active in various sectors including technology, engineering and retail.