The Batelco Group Chairman Shaikh Hamad bin Abdulla Al Khalifa and the Alghanims representative and Chairman of Quality Net Khalid Ali Alghanim, signed the Share Purchase Agreement on Wednesday. Completion of the acquisition is conditional upon satisfaction of several preconditions but full completion is expected during the month of March 2014.
“Part of the Batelco Group growth strategy is Portfolio Optimization. Topping up existing investments such as Quality Net is consistent with such strategy and provides the right kind of fit for the Group to enhance future value of its international operating companies by realizing cost efficiencies and further telecom upside opportunities,”
Shaikh Hamad said.
“Over the past 15-years Quality Net has developed a competent team of employees led by experienced executives who thrive on creating a reliable service for its customers,” he added.
“We have plans to work very closely with Quality Net’s management to implement a number of strategic initiatives in order to realize the benefits of the acquisition by way of protecting and enhancing shareholder value,” Batelo Chairman added.
The Batelco Group plans to continue its international expansion drive through targeted acquisitions of other operators and optimization of its existing portfolio.
The Batelco Group subsidiary, Quality Net, remains the clear market leader in the fixed Data Communications and Internet services industry in Kuwait. In 2013, it maintained market share and position delivering steady results and ending the year with over 40,000 customers. In recent years, Quality Net has launched global managed services in partnership with global players to serve corporate and multi-national companies. Its service portfolio also includes structured cabling, cloud and IT security services for meeting the growing demand from corporate clients, small to medium enterprises, and shopping malls.