Qtel raises its stake in Wataniya Telecom to 92.1%
Algerian authorities accept the deal, says Qtel chairman
Qtel, Qatar's incumbent operator, owns 92.1% of Wataniya Telecom after acquiring an additional 199.6 million shares of Kuwait's Wataniya Telecom, for KWD519.1 million ($1.8 billion).
Qtel originally made the offer to all other shareholders of Wataniya Telecom on September 4, 2012.
Wataniya Telecom Kuwait's shareholders who have tendered their shares will receive payment within three weeks, subject to approval by the Kuwait Capital Markets Authority and the Kuwait Stock Exchange.
His Excellency Sheikh Abdullah Bin Mohammed Bin Saud Al-Thani, chairman of Qtel Group said: "We are delighted with the level of acceptances received from Wataniya Telecom Kuwait's shareholders. This demonstrates that our offer was attractive and gave the opportunity for shareholders to capitalise on their investment in Wataniya Telecom Kuwait at a fair price and at an appropriate stage in the company's investment cycle.
"We have consulted with the Algerian authorities regarding this transaction and we have received their kind permission to proceed, for which we are grateful. We also respect the decision of those Wataniya Telecom Kuwait shareholders who decided not to accept the offer and look forward to their continuing support as we enter into a new period of investment across all Wataniya Telecom Kuwait's main markets."