Cleary Gottlieb is representing Warid Telecom International in the pending sale of its 30% interest in Warid Telecom (Private) Limited to Singapore Telecommunications Limited for an estimated $758 million.
This gives Warid Telecom an enterprise value of $2.9 billion. The deal, which was announced and signed on June 28, is expected to close in the third quarter of 2007.
Warid Telecom is part of Warid Telecom International, owned by a consortium of UAE investors. Launched just two years ago, Warid Telecom has become the third-largest mobile operator in Pakistan, with nearly 9.7 million in repeated subscriber numbers representing an estimated 16.6% market share. The owners of Warid Telecom International have interests in numerous sectors, including banking and financial services, hospitality, construction, telecommunications services, real estate, and manufacturing.