Zain in talks with Etisalat over stake sale, report says

28 Jun 2010

Kuwaiti telecoms firm Zain Group has entered into talks with Etisalat to sell a majority stake in the group to the UAE-based operator, Reuters reports, citing Kuwaiti newspaper al-Seyassah. Without providing details about the size of the stake or the price, the report states that both firms held meetings last week to discuss the potential deal. Earlier this month Zain completed the sale of its African assets to Indian telecoms group Bharti Airtel, in a deal valued at USD10.7 billion. Meanwhile, though Etisalat has yet to confirm the Zain reports, the Abu Dhabi-based operator has admitted it is looking at options in India, including a 26% stake in telco Reliance Communications.

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