Saudi Telecom agrees $3bn deal to buy into Maxis

Saudi Telecom has made a move into Malaysia acquiring a 25% stake in Malaysia's biggest mobile operator.

Saudi Telecom Co. said on Tuesday it had agreed an 11.4 billion riyal ($3.04 billion) deal that would give it 25 percent stake in Maxis Communications, Malaysia's biggest mobile operator.

The deal would also see Saudi Telecom, the largest Arab operator by market value, take a majority stake in Maxis' Indonesian operations, Saudi Telecom said in a statement on the Riyadh bourse Web site.

The two operators would invest about $900 million in India to help Maxis expand operations in the world's second most populous country, the statement said.

Most Popular

Digital Edition

Subscribe today and get your copy of the magazine for free