Zain Group today issued a statement announcing that both Zain Group and the consortium composed of Batelco and Kingdom Holdings Company, have agreed to end discussions and negotiations relative to the potential sale of Zain Group’s 25 per cent equity stake in Zain Saudi Arabia.
Zain Group stated that acting in the best interest of its shareholders; it looks forward to assisting Zain Saudi Arabia in the development of the latter’s mobile telecommunications business in the kingdom in the future.
This development brings to a complete end the attempt by operators to acquire Zain Group assets. Etisalat’s bid to acquire most of Zain Group’s territories ended in March this year after several months of due diligence.
In describing its decision not to push ahead with the deal, Etisalat said in March that:
“Due to the results of due diligence done by Etisalat’s financial advisers and legal experts, the political turmoil in the region, the absence of a consensus between Zain’s shareholders, and the effect of the law binding offers that is due to be issued in Kuwait…Etisalat conditions that were announced on November 3 are no longer applicable.”