DOHA: Vodafone Qatar has entered into a non-binding Heads of Agreement with Information Communication Technology Holdings Q.S.C. (ICTH) with a view to acquiring the entire issued share capital of Qatar National Broadband Network Company QSC (“Qnbn” or the “Target”). The Transaction comprises 21 million shares with par value of QR 10 per share.
Completion of the Transaction is conditional upon regulatory approvals and consents, completion of due diligence, agreement on the consideration payable, the arrangement and provision of funding to finance the acquisition and entry into of a definitive Share Purchase Agreement.
Vodafone Qatar does not believe that the relationship between the parties produces any conflict of interest between Vodafone Qatar, ICTH and Qnbn. Vodafone Qatar does not presently own any shares in Qnbn and on successful completion will own 100 percent of Qnbn.
The combination of Vodafone Qatar and Qnbn will enable Vodafone Qatar to deliver the benefits of choice to customers in the fixed line market in Qatar. Vodafone Qatar believes that the transaction will be a major contributor towards the achievement of the policy objectives laid down in the National Broadband Plan and underlines Vodafone Qatar’s commitment to delivering world class telecommunications services to Qatar.
Subject to all conditions being fulfilled it is contemplated the Transaction will complete on or before 31 December 2014.
The Peninsula
