In a move that shows the continued appetite of Middle Eastern firms to expand outside their immediate region, Emirates Telecommunications Etisalat and renewable energy company Masdar yesterday announced cross-border acquisitions in their respective industries. Both deals were struck with Indian business groups, adding to the growing business relations between the Middle East and India and illustrating the increasing flow of money moving between these two regions.
Etisalat, the largest telecom operator in the United Arab Emirates, led the way by signing a definitive agreement to take an approximate 45% stake in Swan Telecom by subscribing to newly issued shares at a cost of up to $900 million. The price implies a post-money equity value of...
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