Business | Telecoms
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.
More from Telecoms
More from Business
Business Editor's choice
-
‘Wrong Way' Krugman
The source of our economic malfunction lies with government-mandated bank regulations
-
Greek exit could make Eurozone stronger
Departure will show limits of bailouts and allow remaining members to act much more like a unit
-
UAE upholds values of free trade
Recently released statistics confirm an established fact, namely that of the UAE embracing the free trade principle in general and imports in particular
