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Saudi Arabia's Kingdom Holding and Bahrain's Batelco announced that they have ended their joint bid for a 25 per cent stake in Zain KSA, estimated to be worth about US$1.2 billion.
"The consortium (Kingdom, Batelco) concluded that the terms and conditions as set out in its non binding offer could not be met to its satisfaction," Kingdom said in an emailed statement, reported Dow Jones. "This follows a period of due diligence and discussions with Zain Group and other stakeholders."
Mobile Telecommunications Co., or Zain Group, later confirmed talks with Batleco and Kingdom over the Zain KSA stake had ended, and said it "looks forward to assisting Zain KSA" in the development of its mobile telecommunications business in the kingdom in the future.
In April, Zain Group signed a non-binding term sheet with Batelco and Kingdom to sell its 25 per cent Zain KSA holding.
Zain KSA, which began operations in Saudi Arabia in March 2008, signed earlier this year a US$600mn refinancing facility with a group of lenders to fund its network expansion and future growth, and diversify its financing sources.