Etisalat ETEL.AD (Emirates Telecommunications Corporation) hired Goldman Sachs Group Inc. to be their financial adviser for its planned bid for Warid Telecom. Etisalat, the leading and biggest telecommunications operator in the UAE expressed their interest in acquiring Warid, Pakistan's smallest telecom operator. The Warid deal is estimated to fetch up to US$1 billion. Etisalat and China Mobile are the top bidders for the Warid acquisition.
Etisalat is currently in talks with Vivendi for the acquisition of its 53% stake in Maroc Telecom. Etisalat plans to widen its operation in Pakistan, adding on to its current operations in Pakistan Telecommunication Co. Ltd.. The acquisition of Warid will give Etisalat the opportunity to consolidate its operations in the Pakistan.
Daniel Ritz, Etisalat's chief strategy officer, told Reuters that the UAE telecom group is looking for opportunities that will bolster its existing portfolio.
"We will consider... opportunities in areas where it gives us a chance to consolidate our existing portfolio," Ritz told Reuters.
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