Etisalat still working on Zain deal

Etisalat and Zain “have not made sufficient progress towards completion” of “its proposal to acquire shares representing 51 per cent of Zain’s total issued share capital and voting rights. (FILE)

UAE telecom operator Etisalat announced today that it is still working “towards the announcement of a definitive transaction” with Zain despite missing the January 15 deadline on due diligence “due to unforeseeable delays in Zain providing access to all relevant information which is required for Etisalat to complete its due diligence process.”

In a statement today, Etisalat said the two parties – Etisalat and Zain “have not made sufficient progress towards completion” of “its proposal to acquire shares representing 51 per cent of Zain’s total issued share capital and voting rights.”

However, it added that the two continued to work on the deal. “The parties do continue to work towards the announcement of a definitive transaction,” it said, adding that “Etisalat will inform its stakeholders with the progress of the proposed transaction in due course.”

 

 

 

Print Email