The announcement confirms information published by Business Standard on October 2, at which time negotiations had been ongoing for several months. The transaction’s value has not been publicized.
“We are optimistic about this change in the shareholding structure. Saudi Oger is a powerful group, very much involved in the telecom sector. The acquisition will be followed by significant financing, which will allow us to implement our plans,” said Piermario di Pietro, Zapp’s CEO.
The change in the shareholding structure is part of Saudi Oger’s plans to expand in Europe. Two years ago, Saudi Oger paid €5.5 billion for 55 percent of Turk Telecom.
On a €2.1 billion Romanian mobile telephone market, Zapp is stagnating, retaining its number of clients. In June, the mobile communications company posted some 500,000 clients, with estimations of 600,000 clients by the end of next year. Zapp remains third mobile operator on the Romanian market, with revenues over €135 million in 2006, followed by Cosmote, with €48 million. Saudi Oger owns the Omnia Holding investment fund, a co-owner with Qualcomm of the Inquam group, which owns 99 percent of Telemobil. It also owns telecom operator Oger Telecom.
“The acquisition will be followed by significant financing, which will allow us to implement our plans Piermario di Pietro CEO, Telemobil
