Mobily arm signs MoU for acquisition of Go [CommsMEA (United Arab Emirates)]
(CommsMEA (United Arab Emirates) Via Acquire Media NewsEdge) Saudi Arabian ISP, Bayanat, a subsidiary of mobile operator Mobily, has signed a memorandum of understanding with certain founding shareholders of WiMAX operator Etihad Atheeb (Go), to acquire a controlling stake in the firm.
Bayanet signed the MoU with Atheeb Trading Company, Al Nahla for Trading and Contracting Company, Traco Group for Trading and Contracting and the Saudi Internet Company.
The MoU outlines "the basis on which definitive agreements are expected to be executed for Bayanat to acquire a controlling interest in Etihad Atheeb", Bayanet said in a statement.
The deal is subject to various conditions being met before November 30, 2013, including regulatory approval and completion of due diligence.
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