Ooredoo Kuwait has acquired 100 percent of FASTtelco shares in exchange for 11 million Kuwaiti dinars (US $ 36.41 million). All parties are continuing work to obtain necessary approvals from the regulators.
The deal allows 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.
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 said: “This transaction is a testament to the outstanding employees that we have at FASTtelco, 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 are excited about the potential this transaction unlocks for both companies and their employees in the years to come.”
FASTtelco is a Kuwaiti company that operates as an Internet Service Provider (ISP). The firm was founded in 2001 and has since grown to become a major player in Kuwait’s telecommunication market.
Ooredoo delivers mobile, fixed, broadband internet and corporate managed services to consumers and businesses across markets in the Middle East, North Africa and Southeast Asia. Ooredoo has a presence in markets such as Qatar, Kuwait, Oman, Algeria, Tunisia, Iraq, Palestine, the Maldives, Myanmar and Indonesia. The company was named “Most Innovative Company of the Year – MEA Region” at the 2015 International Business Awards.
The company reported revenues of US $ 8.8 billion in 2015 and had a consolidated global customer base of 117 million customers as of December 31, 2015.