Qatari telecoms group Ooredoo has announced that it has agreed the takeover of Kuwait ISP FASTtelco, via its Oordeoo Kuwait unit. The deal, which is valued at KWD11 million (USD36.4 million), is for 100% of FASTtelco’s equity. Both parties are continuing to work towards obtaining the necessary approvals from the regulators, the Qatari firm said.
According to TeleGeography’s GlobalComms Database, FASTtelco was licensed in 1999 and launched local and international data services in August 2002 over its nationwide fibre-optic network. The company offers DSL and GPON fibre-based services to residential users and a full portfolio of data offerings for corporate clients.