Qtel has completed its US$1.85bn stake hike in Wataniya Telecom Kuwait, following approval from the Kuwaiti regulator.
The Qatari telco group purchased 200 million shares in Wataniya, increasing its shareholding from 52.5% to 92.1%. In an update to the…
Qtel has completed its US$1.85bn stake hike in Wataniya Telecom Kuwait, following approval from the Kuwaiti regulator.
The Qatari telco group purchased 200 million shares in Wataniya, increasing its shareholding from 52.5% to 92.1%. In an update to the market it said today that it has received approval from the Kuwait Capital Markets Authority.
Qtel was advised by Barclays Capital and the investment banking arm of National Bank of Kuwait on the deal. Consulting firm Protiviti advised Wataniya.
In a statement earlier this month, Sheikh Abdullah Bin Mohammed Bin Saud Al-Thani, chairman of Qtel and the Qtel Group said: “We are delighted with the level of acceptances received from Wataniya Telecom Kuwait’s shareholders. We believe this is testament to the attractiveness of the offer which gave the opportunity for shareholders to capitalise on their investment in Wataniya Telecom Kuwait at a fair price and at an appropriate stage in the company’s investment cycle.”
