Bahraini telecoms operator Batelco has agreed to up its stake in Kuwait-based ISP Qualitynet, which will see it increase its stake to 90% from 44% presently.
Batelco did not disclose the price it will pay for the stake. But in its latest financial…
Bahraini telecoms operator Batelco has agreed to up its stake in Kuwait-based ISP Qualitynet, which will see it increase its stake to 90% from 44% presently.
Batelco did not disclose the price it will pay for the stake. But in its latest financial results, it said that Qualitynet had revenues of BD31.3m (US$83m) in 2013.
The telecoms operator will buy the 46% stake from conglomerate Ali Alghanim & Sons. 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 “part of the Batelco group growth strategy is portfolio optimisation. Topping up existing investments such as Qualitynet is consistent with such strategy and provides the right kind of fit for the group to enhance future value of its international operating companies by realising cost efficiencies and further telecoms upside opportunities”.
The deal is expected to complete in March.
