Etisalat’s bid for Zain ends in failure

Kuwait’s National Investments Co. (NIC), a company owned by Kharafi Group, a major shareholder in mobile operator Zain said today that the planned deal by Etisalat to acquire a 46 per cent stake in the Kuwaiti telco is no longer in force after the end-February deadline for Etisalat to complete due diligence expired.

"Due to the expiration of the deadline given to Etisalat, for the completion of its due diligence of Zain, which was set by the end of February, we declare an end to our commitment towards Etisalat for the sale of a 46 per cent stake of Zain,” read a statement on the Kuwaiti bourse website. NIC represents Kharafi in the planned stake sale to Etisalat.