Foursan Group, a leading Middle Eastern private equity firm, announced today that, on August 13, 2008, it completed the sale of its remaining stake in Batelco Jordan, one of Jordan’s leading providers of innovative integrated communication solutions, to Umniah Telecom.
Said Leith M. Masri, a Partner with Foursan Group: “We are very pleased with this transaction and the returns we generated for our investors. By exiting to a strategic acquirer, we were able to achieve a significant premium to the current market price, and to transition the ownership of the business to an operator. We have had an excellent partnership with Batelco Jordan over the past 8 years and we wish them the very best.”
About Batelco Jordan: Before this transaction, Batelco Jordan was owned by Foursan, Jordanian Investors and by Batelco Bahrain, which has operations in Bahrain, Jordan, Kuwait, Saudi Arabia, Yemen and Egypt. The Batelco Group provides voice, internet broadband and data services over fixed and wireless platforms, in addition to systems integration and enterprise solutions to government and corporate clients.
About Foursan: Foursan Group is a private equity specialist with a primary focus on the Middle East region. Foursan currently manages the Jordan Fund, a multi-sector private equity fund focused on Jordan which it launched with Deutsche Bank and which is substantially fully invested. Foursan is also in the process of launching its second fund, Foursan Capital Partners I, to invest throughout the Middle East, with a specific focus on markets that are “emerging” in the region.
