Ooredoo Kuwait, a subsidiary of Qatari group Ooredoo, has acquired local ISP FASTtelco for KD11m (US$36.4m). The companies said in a joint statement that the transaction will allow them to offer full scope of fixed broadband and mobile services and pave the way for new revenue opportunities.
Ooredoo Kuwait, a subsidiary of Qatari group Ooredoo (QA:ORDS), has acquired local ISP FASTtelco for KD11m (US$36.4m).
The companies said in a joint statement that the transaction will allow them to offer full scope of fixed broadband and mobile services and pave the way for new revenue opportunities.
Following completion, Ooredoo Kuwait and FASTtelco will continue to operate as separate entities. The deal is subject to necessary approvals from the regulators.
Commenting on the deal, FASTtelco CEO Talal Jassim Al-Bahar said: “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.”
As of December 2015, Ooredoo had 117 million customers across Qatar, Kuwait, Oman, Algeria, Tunisia, Iraq, Palestine, the Maldives, Myanmar and Indonesia.
The company reported revenues of US$9.1bn in 2014 and US$8.8bn in 2015. Its EBITDA stood at US$3.57bn last year, its net debt was down 4% and its net debt to EBITDA ratio improved from 2.3 to 2.2.
