Batelco, Kingdom holding in joint bid for Zain Saudi

An offer worth a total $5bn including debt has been approved by the board of Kuwait s Zain for the firm s Saudi assets, Reuters has reported,

Saudi Arabia s Kingdom Holding and Batelco offered to jointly buy the assets for $1.2bn in total, and to take over $3.8bn of debt, a source said. Batelco holds a 15% stake in Saudi Atheeb, a fixed line operator,

while Zain Saudi has no fixed line license.