DOHA: Qtel has announced the completion of its mandatory tender offer for Wataniya Telecom. “Following approval from the Kuwait Capital Markets Authority and execution by the Kuwait Stock Exchange, Qtel has completed the acquisition of 199,649,694 Wataniya Telecom Kuwait shares representing 39.61 percent of the total shares in issue for a total consideration of KWD 519.1m ($1.8bn) at a price of KWD2.600 per share. As a result Qtel’s shareholding in Wataniya Telecom Kuwait has increased from 52.5 percent to 92.1 percent”, Qatar Exchange stated yesterday.
NBK Capital advised on the successful completion of Wataniya Telecom. The offer was well received by shareholders, bringing Qtel’s ownership to above 92 percent, NBK Capital said in a separate statement here yesterday. NBK Capital leveraged its in-depth knowledge of the local market, its unparalleled access to investors and its solid track record in executing high profile transactions in the region. The success of this transaction reaffirms NBK Capital’s position at the top of the M&A league tables.
“This is a landmark transaction that involved working with a number of parties, including regulators and investors. The decision by Qtel to appoint NBK Capital to advise on such a high profile transaction demonstrates confidence in NBK Capital’s capability”, said Salah Al Fulaij (pictured), CEO of NBK Capital.
He added: “Since the CMA was established, Kuwait has seen a number of tender offers, which confirms the country’s status as an attractive destination for doing business and a well-regulated and transparent market”. The Peninsula
