Saudi Telecom is spending $2.56 billion for a 35% stake in Turkey's Oger Telecom, the latest move in an increasingly active Middle East telecom sector. Oger Telecom has been looking to sell the stake for some time and had been talking to France's Vivendi about a major investment until those talks broke down late last year. Saudi Telecom is the largest telco in the Middle East, but is facing more competition from Kuwait's Zain and others, increasing the pressure on Saudi Telecom to expand into new markets.
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- Vivendi and Oger ended their investment talks last November