Kuwait, Kuwait City
Ooredoo Kuwait (National Mobile Telecommunications Co. K.S.C) has entered into an agreement to purchase 99% of Internet Service Provider FASTtelco’s shares for a total consideration of KD 11 million. The transaction is subject to the approval from the relevant regulatory and governmental authorities.
This transaction is an important step for both Ooredoo and FASTtelco as well as for the industry. It shows Ooredoo’s strong commitment to deliver best in class services and enhance people’s lives. It 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.
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."
About Ooredoo Kuwait
Ooredoo’s operations in Kuwait date back to December 1999 when it launched wireless services as the second operator. The company today provides mobile, broadband internet and corporate managed services tailored to the needs of customers and businesses. Ooredoo is guided by its vision of enriching people's lives and its belief that it can stimulate human growth by leveraging communications to help people achieve their full potential.
Ooredoo is a leading international communications company delivering mobile, fixed, broadband internet and corporate managed services tailored to the needs of consumers and businesses across markets in the Middle East, North Africa and Southeast Asia. As a community-focused company, Ooredoo is guided by its vision of enriching people’s lives and its belief that it can stimulate human growth by leveraging communications to help people achieve their full potential. 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 USD 8.8 billion in 2015 and had a consolidated global customer base of 117 million customers as of 31 December 2015. Ooredoo’s shares are listed on the Qatar Stock Exchange and the Abu Dhabi Securities Exchange.