Qatar Telecom announced that it has raised its stake in Kuwait's Wataniya to 92.1% following the conclusion of its tender offer. The Qatari firm paid US$ 1.8 billion to raise its stake from 52.5%, as per newswires.
The Kuwait Investment Authority was among the entities to have agreed to sell its 23.5% stake in Kuwait's telecom operator to Qtel, as per newswires.
Qatar Telecom, established in 1987, is the telecom service provider licensed by the State of Qatar. The latter now retains a 55% stake in the company via the Qatar Investment Authority, rising up to 68% when including shareholdings by other public sector entities.
Qtel’s objective has been to provide fixed and mobile telecom and related services in the country. It is the authorities’ flagship company outside the oil and gas sector. Qtel is of strategic importance to the government as a key infrastructure provider and consequently as a support to the country’s ongoing diversification.
Established in 1997, Kuwait’s National Mobile Telecommunications Co. (Wataniya) manages and operates telecommunications networks. It also owns and operates consumer electronics and retail outlets.
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