Zain to buy Sudan's Canar for AED 350 mln

News General Sudan 2 MEI 2016
Zain to buy Sudan's Canar for AED 350 mln
Zain Group has agreed to buy a 92.3 percent stake in Sudanese fixed-line operator Canar for AED 349.6 million cash from UAE-based Etisalat, implying a price per share of AED 17.50. The deal is still subject to approval from the Sudanese regulatory authorities.  The deal would strengthen Zain's share in the Sudan market where it is already the biggest mobile operator by subscribers.

Categories:

General

Companies:

Zain,  Etisalat,  Canar

Countries:

Sudan

Tags:

Voice services, M&A buyouts & divestments

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SUDAN 15 JUN 2016

Etisalat sells stake in Canar to Bank of Khartoum

Etisalat Group has announced a deal to sell its 92.3 percent shareholding in Sudanese fixed-line operator Canar to Bank of Khartoum for AED 349.6 million (USD 95.2 million). Etisalat said that Bank of Khartoum, which already owns 3.7 percent of Canar, has exercised its right as shareholder to preempt Etisalat selling the shares to Zain Sudan. The deal values Canar at AED 17.504 per share, and completion is still subject to the approval of the Sudanese authorities. Etisalat had previously agreed to sell its

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