News in brief

15 January 2011 |

  • Etisalat’s bid to acquire a 46% stake in Zain for $12 billion may be in doubt after reports that Zain’s shareholders are opposing the UAE operator attaining a majority stake. According to sources, Etisalat may only be able to secure a 40% stake, lower than the expected 51% controlling stake.
  • Reliance Communications has secured a loan deal with the China Development Bank Corporation worth $1.93 billion. The 10-year loan facility will ensure the company benefits from an extension of maturity and a saving in interest costs. 
  • Greek full-service operator Wind Hellas has been acquired by a group of its creditors, together known as the SSN Ad-Hoc Committee. The new owners have agreed to invest around $555 million to repay Wind Hellas’s debt and fund the development of new services. 
  • The Telmar subsea cable connecting Tel Aviv in Israel with Marseilles in France has opened. The system, owned by Telecom Italia Sparkle subsidiary MedNautilus and Cypriot telco Cyta, is partly made up of the upgraded LEV cable, connecting Israel to Cyprus, and aims to meet Israel’s growing need for diversification.