Ooredoo Kuwait (Wataniya Telecom) has finalised the acquisition of 99% of ISP FAST Telecommunication Company (FASTtelco) for a total of KWD11 million (USD36 million). Following the transaction, Ooredoo and FASTtelco will continue to co-exist as separate legal entities, though customers will benefit from new products and services as well as from increased service delivery due to improved infrastructure.
As previously reported by TeleGeography’s CommsUpdate, Qatari telecoms group Ooredoo agreed to acquire FASTtelco via its Oordeoo Kuwait unit in March 2016. FASTtelco was licensed in 1999 and launched local and international data services in August 2002 over its nationwide fibre-optic network. The company offers DSL and GPON fibre-based services to residential users and a full portfolio of data offerings for corporate clients.