Saudi Telecom Co., the biggest phone operator in the oil-rich kingdom, is seeking to buy the 74 percent of Viva Kuwait Telecom Co. it doesn’t already own in a deal that could be worth more than $1 billion.

The offer is pending approval from Kuwait’s Capital Markets Authority and the Saudi operator known as STC will be releasing further details if it is approved, according to a statement on Kuwait’s bourse on Thursday.

Based on Viva’s market capitalization of about 460 million Kuwaiti dinars at the close on Wednesday, the deal may be worth about $1.1 billion, according to calculations by Bloomberg.

Viva shares jumped 5.4 percent to 970 dinars at 10:11 a.m. in Kuwait City, the biggest advance since March, after a temporary halt requested by the CMA.

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