Mubasher: Oman Telecommunications (Omantel) has won an auction for 12.1% stake in Zain, thus becoming the second largest shareholder in Zain Group with a 21.9% stake, after the Kuwait Investment Authority, which owns a 24.60% stake.

The total transaction value for the 21.9% stake is $2.19 billion, as reported by Oman News Agency (ONA).

According to the company’s CEO, the acquisition creates a new digital telecom powerhouse capable of leading digital transformation across the MENA region.

The new group will be the third largest combined telecoms group in the MENA region, with 52 million customers.