All companies involved expressed their satisfaction with the outcome.

On behalf of KHC, Ahmed Halawani, executive director for private equity and international investments and member of the board, said: “We just cleared a major milestone toward a successful closure. All parties negotiated in a very consultative and professional manner to ensure value is created for Zain Saudi KSA and their respective shareholders. We will continue to work as one team to conclude the due diligence stage smoothly and successfully and ensure that Zain KSA rapidly and profitably builds market share.”

Batelco Group CEO Peter Kaliaropoulos said: “We were always confident that the consortium would satisfactorily and amicably address all business matters which concerned the directors of Zain KSA. This is a complex transaction involving four different companies. Understandably, all issues relating to the due diligence exercise and the scope and commercial terms of the Management Agreement required careful consideration by all parties. We are all pleased with the agreement reached.”

The companies involved confirmed that the details of the agreement between the Zain KSA and the Kingdom-Batelco Consortium will remain confidential till the deal is finalized, following the due diligence exercise.

Due diligence is expected to be completed by end of August and the transaction finalized by end of Q3, 2011.