Ooredoo Kuwait buys FASTtelco for KD 11 million
Tuesday, October 18, 2016
Ooredoo Kuwait, a member of international Ooredoo Group, has finalised the purchase of 99 per cent of internet service provider FASTtelco’s shares for a total of KD11 million ($36.34 million).
Following this transaction, Ooredoo and FASTtelco will continue to co-exist as separate legal entities in the foreseeable future, said a statement.
Ooredoo CEO Sheikh Mohammed bin Abdullah Al Thani said: "This deal is a huge achievement for Ooredoo Kuwait and FASTtelco. Both companies will work hand-in-hand to deliver the highest quality products and services to consumers and businesses. We will continue to innovate and invest in our portfolio to create unique offerings in the Kuwaiti market to meet the needs of our consumers. Our focus will be on exceptional service delivery to ensure that we continue to meet our goal of enhancing people's lives through the strengths of both companies."
Business and residential consumers will gain access to comprehensive offers that combine fast-speed mobile internet and voice, fixed broadband, gaming and data center services. Customers will benefit from the new products and services as well as from increased service delivery due to improved infrastructure. Jointly, the companies will promote the accelerated development of new products and services and unique customer experiences, he said.
By relying on Ooredoo Kuwait's comprehensive nationwide wireless network and FASTtelco's dependable and cost effective fiber broadband solutions, the companies will drive an enhanced customer experience with a focus on speed and consistency, a statement said.
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