Kipco receives offer for Middle East’s OSN

Kipco, the majority owner of Middle East pay TV provider OSN, has received an offer for the company from an unspecified bidder.

Kipco said it would evaluate the non-binding confidential offer and present it its board and minority ownership partner Mawarid Group.

The group didn’t identify the buyer or the price. Dubai-based brokerage firm Arqaam Capital last year identified placed a value of US$4.3 billion on the company.

OSN said in March that it was preparing for an IPO, possibly on the London Stock Exchange.

Kipco vice-chairman Faisal Al Ayyar told journalists in Kuwait City that market conditions were right for an IPO and that Kipco expected the process to be completed by the end of the third quarter or the beginning of the fourth quarter this year. The group previously hired Rothschild to examine options for a listing.

Kipco holds a 60.5% stake in the operator, with Mawarid Group holding the balance.