Business | Telecoms
Mobily buys controlling stake in Zajil
Etihad Etisalat (Mobily), Saudi Arabia's second-largest telecom operator, said on Monday it had bought 94 per cent of local internet and data communication provider Zajil for 80 million riyals (Dh78 million).
- Agencies
- Published: 00:23 November 4, 2008
Riyadh: Etihad Etisalat (Mobily), Saudi Arabia's second-largest telecom operator, said on Monday it had bought 94 per cent of local internet and data communication provider Zajil for 80 million riyals (Dh78 million).
Mobily said in July it had won the approval of Saudi Arabia's telecom's watchdog for the transaction involving 96 per cent of Zajil's capital.
This is Mobily's second acquisition in the past year after it agreed to buy local data provider Bayanat Al Oula for $400 million.
"With this acquisition Mobily will be able to provide high standard telecom solutions," Mobily said, adding that it would give full support to Zajil and Bayanat operations.
The acquisition was completed on Sunday, it said.
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