Ooredoo Kuwait has entered into an agreement to purchase 99 percent of internet service provider FASTtelco for KD11 million ($36.4 million). The transaction is subject to the approval from the relevant regulatory and governmental authorities, a statement said. Ooredoo said the transaction was "an important step for both Ooredoo and FASTtelco as well as for the industry" and shows its commitment to deliver best in class services.
The telco said the deal will allow both companies to offer full scope of fixed broadband and mobile services and open the doors to new revenue opportunities.
Following this transaction, Ooredoo and FASTtelco will continue to co-exist as separate entities in the foreseeable future, the statement added. Ooredoo CEO Sheikh Mohammed bin Abdullah Al Thani said: "This is a major milestone for Ooredoo showing strong commitment to enhance people's lives. All stakeholders will benefit from this complimentary transaction, especially our business and residential customers, who will have access to the full scope of our advanced mobile and fixed broadband services. We will invest to provide the best end-to-end customer experience across both companies and boost both Ooredoo's and FASTtelco 's growth profiles."
FASTtelco CEO Talal Jassim Al-Bahar added: "Going forward, we see Ooredoo as the best partner for FASTtelco and therefore are excited about the potential this transaction unlocks for both companies and their employees in the years to come."
Source: Arabian Business