Business | Telecoms
Channel Sponsor
Saudi Telecom buys 35% stake in Oger for $2.6b
Saudi Telecom, the largest Arab telecom firm by market value, said yesterday it had finalised a 9.6 billion riyal deal ($2.56 billion) to buy 35 per cent of Oger Telecom.
- Reuters
- Published: 23:04 February 9, 2008
Riyadh: Saudi Telecom, the largest Arab telecom firm by market value, said on Saturday it had finalised a 9.6 billion riyal deal ($2.56 billion) to buy 35 per cent of Oger Telecom.
"Saudi telecom has today signed a final agreement with Oger Telecom... it is part of Saudi telecom's efforts to expand its investments overseas," the company said.
Gulf Arab telecom operators are expanding out of their home markets, where most have been riding a wave of economic growth spurred by a five-fold increase in oil prices since 2002.
Saudi Telecom lagged its regional rivals, making its first foreign acquisition only last year, when it bought 25 per cent of Malaysia's Maxis in a $3 billion deal that gave it access to India and Indonesia.
Share this article
More from Telecoms
More from Business
Popular in Business
-
Budget travel
Airlines in the region
Take a pictorial look at some of the budget airlines in GCC
Business Editor's choice
-
Cafe Nero's premium coffee blends
UK chain plans to open 50 outlets in region following UAE launch
-
Emirates to fly direct to Tokyo
Airline considers code-share deal with JAL after adding second destination in Japan
-
Work on world's longest sea crossing
The proposed Qatar-Bahrain causeway project is estimated to cost Dh9.9 billion
