Vodafone Qatar has scrapped plans to acquire state-owned Qatar National Broadband Network (QNBN), with which it had entered a non-binding agreement in early October.
In a filing with Qatar stock exchange, Vodafone, which is the country’s…
Vodafone Qatar has scrapped plans to acquire state-owned Qatar National Broadband Network (QNBN), with which it had entered a non-binding agreement in early October.
In a filing with Qatar stock exchange, Vodafone, which is the country’s second-largest carrier, said that, “following a due diligence and negotiation process, the parties have determined not to proceed with the transaction.”
The acquisition, which was due to close by the end of the year, was subject to completing due diligence, regulatory approvals, agreement on price and entering into a definitive share purchase agreement, the company said in the statement, without disclosing the reasons why the deal collapsed.
QNBN has contracts with Vodafone Qatar and incumbent operator Ooredoo to provide wholesale broadband capacity.
The company has been working to deploy a fibre optic infrastructure network across Qatar since 2012 and expects to complete construction by 2015, according to local media reports.
Vodafone Qatar provides both mobile and fixed-line services. It is 23%-owned by the UK’s Vodafone Group while Qatari institutions hold 37%. The remaining shares are in free float.