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Omantel to acquire majority stake in Worldcall

22 Jun 2007

Oman’s incumbent operator Omantel has agreed to buy a majority stake in Pakistani cable and fixed-wireless provider Worldcall, said a Worldcall source in Karachi. ‘They (Omantel) have agreed in principal to go ahead with the acquisition, and the formalities will be completed pretty soon,’ he said. No details of the size and value of the deal were disclosed but it is rumoured that Omantel may acquire up to 76% of Worldcall for more than USD171 million. Omantel, Oman’s second biggest listed company by market value, has been planning to expand outside its home market, where it lost its mobile phone monopoly in 2005 and will lose a fixed line monopoly this year.

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