Mergers and Acquistions News
Categories: Telecoms
May 18th 2009, 17:04PM
Kuwait's Mobile Telecommunications Company, known as Zain, has confirmed that it has entered into a merger agreement with Palestine Telecommunications Company, known as Paltel.
In exchange for the majority stake of 56.53 per cent in Paltel, Zain has agreed to hand over 100 per cent control of its assets to the Palestinian operator.
Zain's chief executive officer Dr Saad Al Barrak said the merger will give shareholders substantial returns, highlighting the opportunities for synergies in Jordan and Palestine.
"We have enduring faith in the Palestinian economy and are totally committed to future development of its telecom sector. This deal will play an instrumental role in supporting our 2011 ambitions of being a top-ten global mobile operator," he said.
Zain is currently in the running to become Iran's third mobile operator after the UAE's largest telecoms company Etisalat was stripped of its third mobile license by the Iranian regulator.
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