OOREDOO KUWAIT STRIKES $29M ISP DEAL
Ooredoo Kuwait has reached an agreement to buy 99% of Fasttelco’s shares in a deal worth KD11 million (£29 million). The acquisition of the ISP, which was set up in 2001, is subject to approval from regulators but will see both brands continue to co-exist as separate entities in the “foreseeable future”.
Fasttelco offers turnkey internet, local and international data communication solutions, plus local and international termination services for foreign carriers.
“This is a major milestone for Ooredoo showing strong commitment to enhance people’s lives. All stakeholders will benefit from this complimentary transaction, especially our business and residential customers, who will have access to the full scope of our advances mobile and fixed broadband services,” said Ooredoo Kuwait CEO Sheikh Mohammed bin Abdullah Al Thani. We will invest to provide the best end-to-end customer experience.
Sheikh Mohammed bin Abdullah Al Thani: Best end-to-end client experience