Etisalat says due diligence effort on Zain accelerated

Etisalat has said it continues to make good progress with its due diligence review relating to its proposal to acquire 51 per cent of the total issued share capital and voting right (excluding shares held in treasury but including all shares that may be issued pursuant to the exercise of any options) in Zain.

Etisalat reported that its due diligence effort has recently accelerated. The telco added that its discussions with 18 international and regional banks regarding the financing required to complete the proposed transaction continue, and it remains highly confident that it will be able to secure the necessary financing.

The final progress and the results on the transaction are to be presented after the due diligence completion review to Etisalat’s board of directors by the end of February.