Etisalat completes sale of Sudanese telco Canar

Mergers, Acquisitions and Financial Results

Emirates Telecommunications Corporation (Etisalat) has announced the completion of the sale of its 92.3% stake in Sudanese fixed line operator Canar Telecommunication Company (Canar) to the Bank of Khartoum. The transaction was finalised on 7 August, after securing all regulatory approvals from Sudanese regulator the National Telecommunications Corporation (NTC) and the country’s competition authorities. UAE-based Etisalat added that the final consideration received for its shareholding amounted to AED349.6 million (USD95.2 million).

As previously reported by TeleGeography’s CommsUpdate, Etisalat signed a share purchase agreement with Kuwait-based Zain Group for the sale of its 92.3% stake in Canar in May 2016, but one month later, the UAE telecoms group announced that the Bank of Khartoum, which holds a 3.7% stake in Canar, had exercised its right of first refusal regarding the sale to Zain Group.
Source: Telegeography