Saudi Mobily wins $400m takeover nod for data firm
Saudi Arabia's Etihad Etisalat (Mobily) said on Tuesday it won regulatory approval to buy data provider Bayanat Al Oula for $400 million.
Mobily said in September it agreed to buy the firm.
The green light from the Communications and Information Technology Commission (CITC) is likely to increase competition in broadband services since Bayanat is licensed to deploy a WiMax wireless Internet access network in the kingdom.
WiMax -- seen as the big brother to the WiFi standard, which only works near a transmitter -- allows anyone with a WiMax-enabled laptop or media device to download songs, movies and business presentations over distances of up to 50 km (30 miles).
Mobily also said its share in a 1 billion riyal, 12,000 kilometer national fiber optic backbone would rise to 66 per cent from 33 per cent.
The company, in which Emirates Telecommunications Corp is the biggest shareholder, has made the development of broadband and data services a priority as competition heats up with the entry of third mobile phone operator Zain Saudi Arabia. (Reuters)
Follow Emirates 24|7 on Google News.