Ooredoo Kuwait inks $36m deal to buy internet provider

Acquires 100 percent of FASTtelco shares in exchange for KD 11 million.
FASTtelco, Kuwait, Kuwait telecoms, Ooredoo, Ooredoo kuwait acquires FASTtelco

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Ooredoo Kuwait has entered into an agreement to purchase 99 percent of internet service provider FASTtelco for KD11 million ($36.4 million).

The transaction is subject to the approval from the relevant regulatory and governmental authorities, a statement said.

Ooredoo said the transaction was "an important step for both Ooredoo and FASTtelco as well as for the industry" and shows its commitment to deliver best in class services.

The telco said the deal will allow both companies to offer full scope of fixed broadband and mobile services and open the doors to new revenue opportunities.

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