Abu Dhabi Group in $758 Million Telecom Sale
June 28, 2007
Cleary Gottlieb is representing the Abu Dhabi Group 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 the Abu Dhabi Group, a leading business group in the United Arab Emirates led by H.H. Sheikh Nahayan Mabarak Al Nahayan, a senior member of the Emirate of Abu Dhabi’s ruling family. 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 Abu Dhabi Group has interests in numerous sectors, including banking and financial services, hospitality, construction, telecommunications services, real estate and manufacturing.