Saudi Arabia-based telecom service provider Saudi Telecom Company (STC) has acquired 25 per cent stake in Malaysia’s Maxis Communications for $3 billion.

Saudi Arabia-based telecom service provider Saudi Telecom Company (STC) has acquired 25 per cent stake in Malaysia’s Maxis Communications for $3 billion. This is through the indirect route as STC purchased 51 per cent direct stake in Natrindo Telepon Seluler, Maxis’s principal shareholder. The purchase will be financed by internal funds and borrowings. The acquisition will enable Saudi Telecom to expand operations in India as Maxis owns controlling stake in Indian telecom operator Aircel.