SingTel buys 30% of Warid for USD758 Million

SingTel has agreed to buy a 30% stake in Warid Telecom, Pakistan’s third largest cellco by subscribers, for USD758 million. The deal gives Warid, which is owned by UAE-based Abu Dhabi Group, an enterprise value of USD2.9 billion, SingTel said in a statement A source in the Pakistani company had said earlier that SingTel was set to buy the stake. The 30% holding will consist of new and existing shares, in equal proportions, SingTel said. Industry sources said SingTel beat rivals MTN of South Africa and Britain’s Vodafone for the Warid stake.