Providence, IHS Said Second-Round Bidders in Mobily Telecom Deal
- Network of towers said to be worth as much as $2 billion
- Other bidders said to include Al Rajhi and Al Zamil groups
Saudi Arabian mobile operator Etihad Etisalat Co. picked investors including IHS Group Holdings Ltd. and Providence Equity Partners Inc. to submit second round bids for its cellular-tower network assets in the country, according to three people with knowledge of the matter.
Family-owned firms Al Rajhi Group and Al Zamil Group have also been chosen to bid for the assets, which could be worth as much as $2 billion, the people said, asking not to be identified as the information is private. Mobily, as the company is known, has delayed the bidding by a couple of months after recent management changes that saw the appointment of a new chief executive officer and chief financial officer, the people said. The process is expected to kick-off again in November, the people said.