UAE’s Etisalat Plans to Increase in Its Stake in Saudi's Mobily in $2.12 Billion Deal

Published March 16th, 2022 - 11:26 GMT
UAE’s Etisalat Plans to Increase in Its Stake in Saudi's Mobily in $2.12 Billion Deal
Etisalat Group currently holds a 28% stake in Mobily, and is seeking to raise it to 50% plus one share. (Shutterstock)

UAE's biggest phone operator Etisalat is in talks to increase its stake in its Saudi subsidiary Etihad Etisalat Co., also known as Mobily, in a deal that could be valued at $2.12 billion.

Etisalat
Source: Twitter

Etisalat Group currently holds a 28% stake in Mobily, and is seeking to raise it to 50% plus one share.

The Abu Dhabi-based firm, formally known as Emirates Telecommunication Group Co., has proposed a price of SR47 per share ($12.5), a 22.2% premium to its Tuesday’s closing price, according to regulatory filings.

This comes as Etisalat aims to expand its footprint in Saudi Arabia, and "deepen the strong existing ties with Mobily."


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