Qatar Telecom acquires 51% stake in Kuwait-based Wataniya Telecom for $3.7B

March 2, 2007

1 Min Read

DOHA, Qatar -- Qatar Telecom QSC (Qtel) announced today that it has entered into a binding agreement to acquire a controlling shareholding in Kuwait based, National Mobile Telecommunications Company KSC (Wataniya). Wataniya is one of the leading MENA telecom operators with mobile operations in seven countries in the region.

Qtel will acquire 51% of the share capital of Wataniya from Kuwait Projects Company Holding KSC (KIPCO) and other related parties as well as further and additional direct investments in its Algeria and Iraq operations for a total consideration of $3.7 billion.

Commenting on the investment, His Excellency Sheikh Abdullah bin Mohammed bin Saud Al Thani, Chairman of Qtel said: “This deal is undoubtedly the most significant in the region and totally changes the face of mobile telecommunications in this part of the world. This is yet another critically important move in our aim to be among the top 20 telecommunications companies in the world by 2020. The markets we are entering with this investment are ones with which we are culturally familiar but more importantly, where we can bring our expertise to bring real growth opportunities. We are delighted with this deal and we look forward to concluding this transaction and developing our plan for the business.”

Qatar Telecom QSC (Qtel)

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