SingTel buys 30% of Warid for USD758 Million

29 Jun 2007

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.

Pakistan, Singtel Group, Warid Telecom (Jazz)