Citi, whose hopes of receiving fees from the Middle East's largest flotation were dashed when it was cancelled last week in a move reported exclusively by Financial News, is now set to be rewarded with fees from a merger after the company decided to sell a stake privately instead.

Oger Telecom, the Dubai-based telecommunications company which pulled out of a $1.25bn flotation last week has appointed Citi as sole sales adviser on its $2.3bn stake sale to French media group Vivendi. Citi could earn M&A fees of about $13m.