SingTel has agreed to sell its 30 per cent stake in Warid Telecom to the Abu Dhabi Group, thereby giving the latter 100 per cent of Warid Telecom?s shares, say news reports.
Singtel will reportedly receive $150 million for the same, as well as a 7.5 per cent share of the net proceeds from any future sale, public offering or merger of Warid. The cash consideration is payable in several tranches up to the third year after the deal is concluded.
Concluding the deal is dependent on a number of conditions, including approval from Warid Telecom?s lenders.
