Batelco offer for 25 per cent stake in Zain KSA lapses

Batelco Group confirmed today that its offer to acquire Zain Group’s 25 per cent stake in Zain KSA expired.

“We believe the Batelco consortium presented a very fair and reasonable offer to Zain Group, stated Batelco Group CEO, Peter Kaliaropoulos.

“Our offer also involved a significant amount of new cash to be injected into Zain KSA as working capital to accelerate its growth in a highly competitive market. Ensuring that both Zain Group and Zain KSA appropriately benefit was at the core of our offer,” he added

“Negotiations were amicable but we did not reach a suitable deal,” he concluded.