UAE's biggest phone operator Etisalat is in talks to increase its stake in its Saudi subsidiary Etihad Etisalat Co., also known as Mobily, in a deal that could be valued at $2.12 billion.
Etisalat Group currently holds a 28% stake in Mobily, and is seeking to raise it to 50% plus one share.
The Abu Dhabi-based firm, formally known as Emirates Telecommunication Group Co., has proposed a price of SR47 per share ($12.5), a 22.2% premium to its Tuesday’s closing price, according to regulatory filings.
This comes as Etisalat aims to expand its footprint in Saudi Arabia, and "deepen the strong existing ties with Mobily."
