Bahrain-based telecoms operator Batelco has finalised the purchase of a 46% stake in Kuwaiti ISP Qualitynet, boosting its holding to 90%.
Batelco did not disclose the price for the stake and was not immediately available for comment.
According to its…
Bahrain-based telecoms operator Batelco has finalised the purchase of a 46% stake in Kuwaiti ISP Qualitynet, boosting its holding to 90%.
Batelco did not disclose the price for the stake and was not immediately available for comment.
According to its latest financial results, Qualitynet had revenues of BD31.3m (US$83m) in 2013.
The telecoms operator bought the 46% stake from conglomerate Ali Alghanim & Sons General Trading and Contracting Company. Minority investors will continue to hold the remaining 10%.
Batelco describes Qualitynet as the market leader for fixed data communications and internet services in Kuwait.
The operator’s chairman, Hamad bin Abdulla Al Khalifa, said that topping up existing investments such as Qualitynet is consistent with its portfolio optimisation strategy.
The Bahraini incumbent “plans to continue its international expansion drive through targeted acquisitions of other operators and optimisation of its existing portfolio”.
Batelco recently appointed Alan Whelan as its new CEO, almost a year after its previous head Mohamed bin Isa Al Khalifa left the company.
