Omantel completes acquisition of Zain stake for $2.19 billion

Oman Telecommunications SAOG (Omantel) has announced it has won the bid to acquire 12.1 per cent of the issued share capital in Mobile Telecommunications Company KSCP (Zain), making Omantel the second largest shareholder in Zain Group with a 21.9 per cent stake.

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.

Talal Said Marhoon al Mamari, Chief Executive Officer, Omantel, commented: “This is an historical moment for Omantel and Zain. Together, we have created a new regional telecoms group that will drive the digitisation of Oman and the wider region. Our new scale and diversification will allow us to focus on digital transformation, to generate further revenue growth and accelerate the introduction of innovative products and services that will enable our region to digitise. We expect that the new group will enjoy a positive, longterm economic outlook and a robust base from which we can grow even further together. This is the right partnership to take our businesses to the next level and we are excited about our combined prospects within the exciting region in which we operate.”

On October 26, 2017, Omantel entered into a share purchase agreement (SPA) to acquire 521,975,416 million ordinary