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.”