Mergers and Acquistions News
Categories: Telecoms
September 30th 2011, 18:20PM
Bahrain's Batelco and Kingdom holdings, owned by Saudi billionaire Prince Alwaleed, have withdrawn their $950 million (£609 million) takeover bid to buy a quarter of telecommunication carrier Zain Saudi.
Completion of the proposed acquisition of the indebted Kuwait firm was already in doubt as there have been delays in due diligence.
A joint statement issued by the consortium explained it will not proceed with undertakings after discussions with other Zain Group stakeholders.
"The consortium concluded that the terms and conditions as set out in its non-binding offer could not be met to its satisfaction," the release read.
A separate statement released by the Zain group stated it was looking to develop its mobile telecommunications business in the future.
Missouri-based Insituform Technologies recently expanded its presence in this region with the $4.6 million acquisition of UK firm Hockway and its sister company Hockway Middle East.
The firm also announced a joint venture in the country with Saudi Trading & Research and Corrpro Companies. 
Related News
Categories
- BPO (32)
- Hardware (118)
- IT Services & Consulting (227)
- Media & Information Services (167)
- Semi-Conductors (77)
- Software (230)
- Telecoms (331)
Archive
- May 2012 (0)
- April 2012 (0)
- March 2012 (0)
- February 2012 (0)
- January 2012 (1)
- December 2011 (20)
- November 2011 (20)
- October 2011 (20)
- September 2011 (20)
- August 2011 (20)
- July 2011 (20)
- June 2011 (21)