Zain to buy Etisalat's stake in Canar for $95.2m
05 May 2016 |
Zain has agreed to purchase Etisalat’s 92.3% stake in Sudanese operator Canar for $95.2 million (349.6 million dirhams).
The deal is expected to strengthen Zain Sudan’s operations where it presently has a 42% market share.
Zain is reportedly the largest mobile operator in Sudan in terms of subscriptions, reporting 11.9 million mobile subscriptions in the country at the end of last year.
The telco posted a 91% increase in data-related revenues at the end of last year. It launched 4G services in April 2016. Etisalat bought its stake in Canar in 2004 and more than doubled its stake three years after.
The deal is subject to the approval of Sudan’s telecoms regulator and national competition authorities.