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Saudi Telecom Finalizes $2.6 Billion Oger Deal - ASHARQ AL-AWSAT English Archive
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RIYADH (Reuters) – Saudi Telecom Co 7010.SE, the largest Arab telecom firm by market value, said on Saturday it had finalized a 9.6 billion riyal deal ($2.56 billion) to buy 35 percent 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 in a statement carried by the state news agency.

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 percent of Malaysia’s Maxis in a $3 billion deal that gave it access to India and Indonesia, the world’s second and fourth most populous countries.

Oger Telecom operates in Turkey, South Africa, Saudi Arabia, Lebanon and Jordan, providing fixed-line, mobile and Internet services. Its parent, Saudi Oger, is a construction company controlled by the family of late Lebanese prime minister Rafik al-Hariri.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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