Telenor to Buy 63 Percent Stakes in Warid
Telenor is ready to buy 63 percent shares in Warid Telecom, Pakistan against USD 1.3 billion, as confirmed by sources close to the deal.
Dhabi Group will retain 7 percent shares in the company, while other 30 percent are with Singtel.
Warid’s spokesperson has not authenticated this news, while Telenor said that they don’t comment on rumors or speculations.
As per our sources, that are multiple in number, said that whole talks went through in a smooth way, especially when Telenor agreed on paying the value that was pretty acceptable for Dhabi Group. Final discussions went through last week in Abu Dhabi when Telenor’s top management was there to finalize the matters.
Sources further confirmed that buyout will remain under cover until certain requirements are met, including clearance of liabilities and certain amount of expense cut in Waird. Hard one, but a fact can be certain job cuts in Warid in next 2 weeks.
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