7 May 2019
Mobile operator Viva Kuwait – part of the Saudi Telecom Company (STC) group – has acquired 100% of the capital of Kuwaiti ISP Qualitynet at a total price of KWD28.3 million (USD92.8 million), after receiving final regulatory permission to buy stakes from Bahrain-based Batelco (90%) and National Bank of Kuwait (10%). The Kuwait Times quotes Viva chairman Mahmoud Ahmed Abdulrahman as saying: ‘The acquisition allows Viva to capture the growth potential in the business market … for the journey towards fully integrated products and services and innovative solutions.’ Viva CEO Maziad Nasser Al-Harbi added: ‘The acquisition of Qualitynet is a corner stone for us to successfully implement our strategy to grow in the enterprise segment. It will enable us to offer unique products and services to the Kuwaiti corporate customers bringing it to the equal of international standards. At the same time, individual customers will benefit with diversified and enhanced service offerings tailored to solve their ever changing communication needs – at home and on the go.’
A Share Purchase Agreement was signed by Batelco to sell its 90% Qualitynet stake to Viva in early April, confirming a deal which was initially struck in November 2018. Later in April, Qualitynet won a licence to provide internet, telecommunications and satellite services in Iraq.