Saudi Oger Signs Agreement With STC to Sell Stake in Oger Telecom

Saudi Oger, the controlling shareholder of Oger Telecom Limited, has reached a substantive agreement with Saudi Telecom Company for the sale of an interest of 35% in Oger Telecom based on a gross value of $2.85 billion in cash, valuing 100% of the equity of Oger Telecom at approximately $8.14 billion.

The transaction remains subject to final agreement of legally binding documentation. Saudi Oger will maintain a controlling interest in Oger Telecom after the conclusion of this transaction.

Mohammed Hariri, chairman of Oger Telecom and senior vice president of Saudi Oger, said: “Saudi Oger has made great strides in its telecom activities since its initial investment in Cell C and subsequent acquisition of a controlling interest in Turk Telekom. This transaction represents a major step in the development of Oger Telecom and confirms the benefits of Saudi Oger’s telecoms strategy. We welcome Saudi Telecom Company (STC) as a shareholder.”