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25 June 2024

Saudi Telecom plans $15bn of acquisitions

By Agencies


Saudi Telecom Co plans to spend about $15 billion acquiring firms and licences outside its home market during the year, MEED magazine reported on Tuesday, citing the company's strategic investment unit.

The Middle East's largest telecom company by market value will target mobile phone licences in Bahrain and Lebanon, said Fahd bin Mushayt, according to the London-based magazine. The firm also wants to win the second fixed-line licence in Egypt.

"Saudi Telecom has so far invested $6.008 billion (22.5 billion riyals) in this regard," Mushayt said, according to MEED. "We have started procedures to secure licences for the third mobile phone operator in Bahrain and the second land-phone provider in Egypt."

The operator made three foreign acquisitions last year. It bought a 25 per cent stake in Maxis, a Malaysian operator, and won the third mobile phone licence in Kuwait.

It also agreed to buy a 35 per cent stake in Oger Telecom, the telecoms division of construction conglomerate Saudi Oger. (Reuters)