Mergers and Acquistions News
Categories: Telecoms
October 16th 2008, 11:33AM
One of the world's largest telecommunications companies, Etisalat, has claimed that the ongoing financial crisis has opened up a number of opportunities to acquire other firms in the sector, it has been reported.
According to Reuters, the chairman of the Abu Dhabi-based telecoms giant Mohammed Omran suggested to newspaper al-Bayan that the falling value of global assets at present is making the proposition of launching takeover bids more attractive.
Last month it was announced that Etisalat had purchased a 45 per cent stake in India's Swan Telecom for approximately $900 million (£522.3 million).
At the time it said it will make at least one more acquisition before the end of the year, with a $1 billion investment in an unnamed Middle East telecommunications operator expected to be unveiled in the near future.
Mr Omran claimed Etisalat has not been affected by economic pressures and has sufficient liquidity to continue its expansion.
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