Emirates Telecommunications Corporation (Etisalat) has announced the signing of a share purchase agreement with Kuwait-based Zain Group for the sale of its 92.3% stake in Sudanese fixed line operator Canar Telecommunication Company (Canar). Under the terms of the deal, Etisalat will receive a total cash consideration of AED349.6 million (USD95.2 million) upon completion of the transaction, implying a price per share of AED17.50. The move will consolidate Zain Group’s presence in Sudan, where it already owns the mobile market leader, which accounted for 11.87 million wireless subscribers at the end of 2015, according to TeleGeography’s GlobalComms Database. The deal remains subject to certain conditions, including the approval of Sudanese regulator the National Telecommunications Corporation (NTC) and the country’s competition authorities.
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