Zain takes majority stake in Paltel in share swap deal

19 May 2009

Kuwait-based telecoms group Zain has acquired a 56.53% stake in Palestinian incumbent Palestine Telecommunication Company (Paltel), Reuters reports. The two companies have entered into an agreement for a share-for-share exchange, which will see Zain take the majority stake in Paltel in exchange for Paltel taking 100% ownership of Zain Jordan; the merger will set the current Paltel shareholder’s equity position in both Paltel and its newly acquired subsidiary at 41.43%. The deal had been expected for some time, with talks between the two companies first reported in January 2009. It is understood that the delays have stemmed from insistences from the Paltel board that it would be free from any legal liabilities relating to Zain.

Jordan, Palestinian Territory,Palestine Telecommunications Company (Paltel, incl. Hadara), Zain Group, Zain Jordan,

Subscribe



Feedback

Have feedback, corrections, or story ideas? Send them to editors@commsupdate.com.

Browse Past Issues

Filter

Filter CommsUpdate by the following categories or use the search.

Search

Visit our help page information on performing advanced searches, including how to restrict the results by country or company.

Advertise

CommsUpdate is an outstanding advertising venue for companies seeking to reach:

  • International carriers
  • Wholesale service providers
  • Equipment and software vendors
  • Telecom investors
  • Regulators

Learn more about advertising on CommsUpdate.

Share