Etisalat Confirms its Interest in Warid Buyout

Warid-LogoEtisalat today confirmed that PTCL, group’s Pakistani arm, is interested in Warid telecom of Pakistan.

There were long running rumors about PTCL interested in buying Warid Telecom of Pakistan, which was today confirmed by Etisalat in a statement shared with media.

Trade Arabia, a paper based out of Bahrain, reported that Etisalat has confirmed that its affiliate Pakistan Telecommunication Co (PTCL) had expressed interest in mobile operator Warid Telecom.

Media reports from last month had suggested that PTCL is in aggressive talks with Warid Telecom for a likely buyout that could value around USD 1 billion. Later it was unveiled that Etisalat hired Goldman Sachs to take advise on the acquisition.

PTCL had first hinted for an acquisition back in 2009. Mr. Walid Irshaad, President and CEO of PTCL has often talked about buyout and seemed interested in Warid since long.

Warid, reportedly, remained in talks with PTCL for sell-out during 2011, however, things didn’t go through and company had to officially announce for not going for any merger/sellout.

Warid took time to strengthen its market position and is now again up with merger/acquisition talks.

If sources are to be believed that Dubai and Abu Dhabi is hosting several meetings these days to finalize the deal. While we don’t have any timeline for the outcome, but it appears that next one month is going to remain crucial. It is likely that any decision, either to go for buyout or not, will surface with-in next 45 days.

Warid Telecom is fully owned by Dhabi Group of UAE.