In a major telecommunications industry move, Ooredoo Kuwait (National Mobile Telecommunications Co. KSC) has agreed to buy 99 percent of internet service provider FASTtelco 's shares for approximately $36.4 million, pending regulatory and governmental approval.
“This is a major milestone for Ooredoo showing strong commitment to enhance people's lives,” Ooredoo CEO Sheikh Mohammed bin Abdullah Al Thani said. “All stakeholders will benefit ... especially our business and residential customers, who will have access to the full scope of our advanced mobile and fixed broadband services. We will invest to provide the best end-to-end customer experience across both companies and boost both Ooredoo's and FASTtelco 's growth profiles.”
The transaction will allow Ooredoo and FASTtelco to offer a variety of mobile services as well as a full scope of fixed broadband services. The two companies will operate as two separate entities for the time being.
“This transaction is a testament to the outstanding employees that we have at FASTtelco , the strength of the business we have created and the advanced solutions and capabilities we have offered to the market,” 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.”