Saudi Telecom acquires stake in Maxis

New Delhi: Dow Jones reports say Arab's largest telecom firm Saudi Telecom has acquired 25 per cent stake in Maxis Communications.

Saudi Telecom will also buy a 51 per cent direct stake in Maxis' Indonesian unit. The whole deal is worth $3.04 billion.

This indirectly gives Saudi Telecom an 18 per cent stake in India's Aircel.

Maxis is Malaysia's largest mobile operator which holds 74 per cent stake in Aircel.

Aircel currently operates in eight circles and has also applied for a Pan-India license. The deal still requires a final nod from the concerned authorities.

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