Qatar Telecom (QTEL) QSC offered to buy a stake valued at about $1.9 billion in Kuwait’s National Mobile Telecommunications Co. as it steps up acquisitions amid competition at home.
Qatar Telecom offered to buy the shares it doesn’t already own in National Mobile, also known as Wataniya Telecom, the Capital Markets Authority said in a statement to the Kuwait Stock Exchange. The shares of Wataniya Telecom (NMTC) will remain suspended until the regulator takes a decision on the request, it said, without providing further details.
Qatar Telecom, the nation’s biggest phone company, owns a 52.5 percent stake in Wataniya Telecom, according to data compiled by Bloomberg. Based on Wataniya Telecom’s closing share price yesterday, the stake Qatar Telecom is seeking to acquire is valued at 526.7 million dinars ($1.9 billion), according to Bloomberg calculations.
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