Qatar Telecom QTEL.QA (Qtel) is offering $2.2 billion to buy the remaining 47.5 percent stake it does not already own in Kuwaiti telecom company Wataniya (NMTC.KW) as the state-owned operator eyes acquisitions to ward off threats from rivals.
The former state monopoly, which already owns 52.5 percent of Wataniya, will pay 2.6 dinars per share, an 18 percent premium to Wataniya's last traded price, through a tender offer open to shareholders.
Qtel has been raising stakes in its subsidiaries, taking advantage of the gas-rich Gulf state's healthy financial position at a time when other large telecom firms are shying away from deals.
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