DOHA
QATAR Telecom (Qtel) said on Tuesday it has completed its $1.8 billion stake hike from 52.5 percent to 92.1 percent in Kuwait’s National Mobile Telecommunications Company (Wataniya), following approval from the regulators.
Following approval from the Kuwait Capital Markets Authority and execution by the Kuwait Stock Exchange, Qtel said in an emailed statement it had increased its stake in the carrier by 39.61 percent by buying 199,649,694 Wataniya shares at KWD2.600 per share in a deal valued at 519.1 million Kuwaiti dinars ($1.8 billion).
Qtel announced the Wataniya deal earlier in the month. Shares in Qtel are trading up 1.1 percent at QR105.90 in a flat market.
NBK Capital advised Qatar Telecommunications (Qtel) on the successful completion of their acquisition of 39.61 percent of Wataniya. The offer was well received by shareholders, bringing Qtel’s ownership to above 92 percent.
NBK Capital leveraged its indepth knowledge of the local market, its unparalleled access to investors and its solid track record in executing high profile transactions in the region. The success of this transaction reaffirms NBK Capital’s position at the top of the M&A league tables.
“This is a landmark transaction that involved working with a number of parties, including regulators and investors. The decision by Qtel to appoint NBK Capital to advise on such a high profile transaction demonstrates confidence in NBK Capital’s capability,” NBK Capital CEO Salah al Fulaij said.
He further added, “Since the CMA was established, Kuwait has seen a number of tender offers, which confirms the country’s status as an attractive destination for doing business and a well-regulated and transparent market” NBK Capital was established in July 2005 as a subsidiary of the National Bank of Kuwait, the oldest and highest-rated bank in the region and one of the 50 safest banks in world.
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