Du in $270m vendor financing deal with NSN
Dubai, April 1, 2010
Emirates Integrated Telecommunications Company (du) has entered into a €200 million ($270 million) financing deal with Nokia Siemens Networks (NSN), one of the largest telecommunications hardware, software and services companies in the world.
The agreement, backed by Finnvera , the Finnish Export Credit Agency, will see €200 million of vendor financing provided to du through Nordea Bank, for the purchase of NSN equipment.
In line with du’s ongoing efforts to meet the highest levels of user satisfaction, the deal will involve NSN providing its end-to-end portfolio of equipment which will enhance and expand du’s network infrastructure with new base station sites and associated technologies, said a statement.
Osman Sultan, CEO of du, said: “There is currently a high demand across the UAE for better coverage and capacity and we are very pleased to be able to meet this demand through the supplier agreement with NSN. The new equipment will enable the continued roll out of our 2G network, greatly benefitting du’s customer base, while expanding our coverage and capacity.”
Kevin Raistrick, structured finance, NSN Middle East and Africa, said: “As du’s strategic partner, we understand the importance of finding the right financing solutions to support the operator’s future plans of growth.
“The long term credit facility provided by Nordea and backed up by Finnvera suits du’s needs perfectly and we are especially glad we could work in close association with all parties to find this ideal fit.”
NSN is the majority vendor supplier to du for 2G and Core Works. – TradeArabia News Service