Etisalat Walks Away From Offer to Buy Pakistan's Warid Telecom
Published on: 5th Mar 2014
Note -- this news article is more than a year old.
Talks that could have lead to consolidation in Pakistan's mobile market have broken down without a deal.
Warid Telecom has been put up for sale by its UAE based owner, the Abu Dhabi Group, who are reportedly seeking bids in the region of USD1 billion for the company.
"The ongoing discussions between the Abu Dhabi group and PTCL for the merger and acquisition of Warid Telecom Pakistan have been called off," confirmed a Warid official to The News. "The decision has been taken by the shareholders of Warid Telecom Pakistan since an agreement could not be reached on the desired valuation for the company."
The deal would have been likely to see consolidation as Etisalat controlled PTCL absorbed the 12.5 million customers at Warid and took over its infrastructure.
At the moment, it is still not clear what the Abu Dhabi Group will do with the Pakistan company. Talks with China Mobile's local arm, Zong also fell through last year.