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UAE-based e& in talks to raise stake in Saudi Arabia's Mobily

UAE-based e& in talks to raise stake in Saudi Arabia's Mobily
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ETIHAD ETISALAT
7020
10.37% 52.70 4.95
e&
ETISALAT
-1.49% 15.86 -0.24

Mubasher: e& is in talks to raise its stake in Saudi Arabia-based Etihad Etisalat Company (Mobily) to 50% plus one share.

e& has discussed with Mobily's board the conditions applicable to the preconditional partial tender offer, in which the transaction's price was proposed at SAR 47 per Mobily share, according to a bourse filing on Wednesday.

The Emirati company seeks to expand its portfolio and improve its development portfolio by benefitting from its existing footprint.

e& has appointed HSBC Saudi Arabia as an independent financial adviser and Khalid Al Thebity Law Firm in cooperation with Squire Patton Boggs (US) as legal adviser for the potential offer.

It is noteworthy to consider that in February, Etisalat launched e& as its new brand identity, as part of the group's objective to become a global technology and investment conglomerate.