Deals
Etisalat Offers $10.5 Billion for 46% Zain Stake
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Emirates Telecommunications Corp., the United Arab Emirates’ largest phone company, offered to buy 46 percent of Kuwait’s Zain for about $10.5 billion in its biggest-ever deal.
Etisalat, as the Abu Dhabi-based company is known, said in a statement to the stock exchange today that it offered 1.7 Kuwaiti dinars a share for the stake in Zain, Kuwait’s largest mobile-phone company. Based on Zain’s 3.85 billion shares outstanding, not including its 10 percent treasury stock, the transaction is valued at about $10.5 billion.