Mergers and Acquistions News
Categories: Telecoms
September 23rd 2008, 11:32AM
Emirates Telecommunications (Etisalat) will reveal over the next few days that it has purchased another company working in the telecoms sector, it has been suggested.
Ahmad Julfar, its chief operating officer, was quoted by Reuters as saying his firm "will announce an acquisition" soon.
The Business Standard reported earlier this month that Etisalat - the largest Arab telecoms business in the world - spent $1.3 billion (£700 million) on a 49 per cent stake in Swan Telecom, an Indian operator.
However, Mr Julfar refused to give any information about the acquisition and whether Swan is the subject of the takeover remains to be seen.
Etisalat is based in Abu Dhabi, but operates in more than a dozen other countries, including Pakistan, Egypt, Nigeria and Saudi Arabia.
Its acquisitions over the years have seen it pick up stakes in Exceldomindo (Indonesia), SudatelSudatel (Sudan) and Zantel (Tanzania).
According to its official website, Etisalat ranks inside the top 140 of the Financial Times' Top 500 Corporations by market capitalisation.
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