Ooredoo Kuwait strikes 99% ISP stake
Ooredoo Kuwait has reached an agreement to buy 99% of FASTtelco’s shares in a deal worth KD 11m (£29m)
The acquisition of the ISP is subject to approval from regulators but will see both brands continue to co-exist as separate entities in the "foreseeable future", the telecoms firm said.
Oooredoo 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 advances mobile and fixed broadband services.
"We will invest to provide the best end-to-end customer experience across both companies and boast both Ooredoo’s and FASTtelcos growth profiles."
Ooredoo said the transaction is an "important step" for both companies as it will enhance the scope of their fixed broadband and mobile services, as well as opening new revenue opportunities.
FASTtelco was established in Kuwait in 2001, and offers turnkey internet, local and international data communication solutions, plus local and international termination services for foreign carriers.
FASTtelco CEO Tala Jassim Al-Bahar said: "This transaction is a testament to the outstanding employees we have, the strength of the business we have created and the advanced solutions and capabilities we have offered to the market.
"Going forward, we see Ooredoo as the best partner for FASTtelco and therefore we’re excited about the potential this unlocks for both companies in the years to come."