Mergers and Acquistions News
Categories: Telecoms
September 30th 2008, 14:41PM
Following earlier acquisitions, Etisalat is planning a number of new takeovers, it has emerged.
The firm is in the final stages of talks to acquire a significant stake in a Middle East telecommunications operator later this year in an investment worth up to $1 billion (£550 million), Business 24-7 reported.
Jamal Al Jarwan, head of international investments at the company, said: "This year we are looking at at least one more acquisition.
"We are planning to buy a stake in a company, it will be a majority stake."
He did not add the name of the company or the country it is situated in but said the firm may announce the transaction in the next two to three weeks.
It emerged last week that Etisalat had agreed to purchase a 45 per cent stake in Swan Telecom of India for $900 million, as Gulf-based phone companies look to expand abroad to improve sales figures.
Etisalat currently operates in 16 countries across the Middle East, Asia and Africa, providing its services to over 64 million consumers.
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