REGIONAL [IntelliNews - Weekly Reports]
(IntelliNews - Weekly Reports Via Acquire Media NewsEdge) REGIONALValue of M&A in MENA climbs 42% y/y to USD 45bn in 2012
The value of mergers and acquisitions announced in the MENA region increased 42% y/y to USD 44.8bn in 2012 despite a mild 4% retreat in number of deals to 398, according to a report by Ernst &Young published by BusinessIntelligence Middle East. In Q4, the value of M&A jumped 84% to USD 13.3bn. The UAE topped the region in terms of M&A value at USD 13.5bn followed by Qatar at USD 11.2bn and Kuwait at USD 3.9bn. The UAE saw the largest number of M&A deals in 2012 at 77 transactions, followed by Qatar at 48 and Saudi Arabia at 33 deals.
Iraq's AsiaCell floats 25% stake in IPO
AsiaCell, a consortium which includes Qatar Telecom (40% share), sold a 25% share via IPO on the local bourse raising IQD 1.485tn (USD 1.35bn), according to a bourse statement. AsiaCell sold 67.503bn shares at a price of IQD 22 per share. HSBC and Morgan Stanley were picked by AsiaCell to joint arrange the listing, according to earlier reports. Iraq's three mobile operators are legally bound to float a 25% share via IPOs. The latter offerings were supposed to take place in late 2011 but were postponed due to unfavourable market conditions. Zain Iraq, a unit of Kuwait's MTC, recently picked BNP Paribas, Citi and National Bank of Kuwait to run its intended stake offering. The third mobile operator is Korek Telecom. The mobile firms should convert into shareholding entities before going public.
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