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U.A.E. operator to offload Sudanese business Canar, giving Zain a fixed presence in the market.
Etisalat on Sunday inked a deal to sell its majority shareholding in Sudanese telco Canar Telecommunication Company to Zain.
Under the terms of the deal, Zain will pay 349.6 million dirhams (€83 million) for Etisalat’s 92.3% stake in Canar, implying a per-share price of AED17.504, the United Arab Emirates-based operator disclosed in a stock exchange filing earlier this week.
The deal requires the approval of Sudan’s telecom regulator, the Sudanese National Telecommunications Corporation, and national competition authorities. Etisalat did not say when it expects the transaction to close.
Zain claims to be Sudan’s largest mobile operator, with 11.87 million customers at the end of last year and a 42% market share.
The telco said it saw a 91% increase in data-related revenues in 2015 and expects further growth this year, when it expects to be granted a 4G licence in Sudan.
The acquisition of Canar will also give it a fixed-line presence in the country.
Canar offers home and business voice telephony services and Internet access via fixed and wireless local loop infrastructure.
