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Vodafone Qatar to acquire QNBN by year-end

05 Oct 2014

(MENAFN) Vodafone Qatar said it has reached an agreement to buy state-owned Qatar National Broadband Network (QNBN) and expects to complete the deal by 2014-end, Gulf Daily News reported.

Vodafone, the country’s second largest mobile operator in terms of subscribers, will buy 100 percent of QNBN, comprising 21 million shares at a par value of USD2.75 per share.

The prices would equate to a deal worth USD 57.63million, although Vodafone Qatar did not say whether it would actually pay equivalence value for the shares.

“Completion of the transaction is conditional upon regulatory approvals and consents, the arrangement and provision of funding to finance the acquisition and entry into of a definitive share purchase agreement,” Vodafone Qatar said.

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