Saudi Telecom Co, the largest phone company in Saudi Arabia, bought 25 per cent of Malaysia's biggest mobile-phone operator Maxis Communications Bhd to reach out to more subscribers.
Saudi Telecom paid 11.4 billion riyals ($3 billion) for the acquisition, its first major foreign purchase, the company said on Tuesday in a statement posted on the Saudi stock market Web site.
The transaction would value Maxis at about $12 billion. Maxis is controlled by T Ananda Krishnan, Malaysia's second-richest man.
Read more in The Economic Times article.
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