Etisalat Confirms its Interest in Warid Buyout

Posted By Ismail Ziker on Jul 29, 2013 | 0 comments

Etisalat nowadays verified that PTCL, group’s Pakistani arm, is enthusiastic about Warid telecom of Pakistan.There were long term gossips about PTCL enthusiastic in purchasing Warid Telecom of Pakistan, which was nowadays verified by Etisalat in a declaration distributed to press.

Trade Arabia, a paper based out of Bahrain,reported that Etisalat has confirmed that its affiliate Pakistan Telecommunication Co (PTCL) had expressed interest in mobile operator Warid Telecom.

Media reports from last month had suggested that PTCL is in aggressive talks with Warid Telecom for a likely buyout that could value around USD 1 billion. Later it was unveiled that Etisalat hired Goldman Sachs to take advise on the acquisition.PTCL had first hinted for an acquisition back in 2009. Mr. Walid Irshaad, President and CEO of PTCL has often talked about buyout and seemed interested in Warid since long.

Warid, reportedly, remained in talks with PTCL for sell-out during 2011, however, things didn’t go through and company had to officially announce for not going for any merger/sellout.Warid took time to strengthen its market position and is now again up with merger/acquisition talks.

If sources are to be considered that Dubai and Abu Dhabi is hosting several conferences nowadays to complete the cope. While we do not have any schedule for the result, but this indicates that next one 30 days is going to stay essential. It is likely that any choice, either to go for acquistion or not, will area with-in next 45 times.Warid Telecom is fully owned by Dhabi Group of UAE.