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VIVA Kuwait signs initial agreement to fully acquire QualityNet

Kuwaiti telecommunications firm VIVA announced that it has signed an initial agreement with Bahrain’s Batelco and National Bank of Kuwait to purchase the entire share capital of QualityNet General Trading and Contracting.

Established in 1998, QualityNet is the market leader in the fixed data communications and internet services industry in Kuwait. Batelco Group acquired 44% of the company in 1999, subsequently increasing its shareholding to 90% in 2014, while NBK holds 10%.

As agreed between the parties, the deal price will be established on the completion of the full transfer of the shares to VIVA subject to the satisfaction and fulfillment of certain conditions.

According to Batelco’s 2018 half-year financial results announcement, QualityNet gained two large lucrative customer contracts by the end of the second quarter of 2018, as it remains a market leader in the fixed data communication and internet services and ICT industry in Kuwait.

QualityNet’s network reaches North America, Europe, Asia Pacific, and Africa through various partnerships and strategic business alliances; among them are Batelco, STC, Omantel, Orange, Etisalat, and Qtel.

In 2016, the company partnered with a cybersecurity and data protection company to offer testing, analysis, and protection to customers from the growing threats the cyber world faces in the GCC region.

QualityNet’s shares will be transferred to VIVA after signing the final sale and purchase agreement and fulfilling the terms, conditions, and covenants therein and obtaining the necessary regulatory approvals.

VIVA is a Kuwaiti shareholding company incorporated pursuant to Amiri Decree to operate and manage the third GSM mobile network in Kuwait; it was launched in December 2008 and was listed on Kuwait Stock Exchange during December 2014.



Source: https://www.forbesmiddleeast.com/en/viva-kuwait-signs-initial-agreement-to-fully-acquire-qualitynet/

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