16 Aug 2012
Qatar Telecom (Qtel) has received regulatory approval for a KWD622.4 million (USD2.2 billion) acquisition of a 47.5% stake in Wataniya Telecom. The purchase lifts Qtel’s stake in the company to 100%. Wantaniya is Kuwait’s second largest cellco by subscribers and also has operations in Algeria, Maldives, Palestinian Territory, Saudi Arabia and Tunisia. The move is the latest step taken by Qtel to boost its shareholding in its subsidiaries. In June it agreed to double its stake in Iraqi mobile phone operator Asiacell to 60% for USD1.47 billion.