DOHA: Vodafone Qatar yesterday announced its decision to scrap its bid to buy wholesale Internet provider Qatar National Broadband Network (Qnbn).
On 2 October 2014, Vodafone Qatar had entered into a non-binding Heads of Agreement with Information Communication Technology Holdings QSC (“ICTH”) with a view to acquiring the entire issued and paid up share capital of Qatar National Broadband Network Company, subject to regulatory and other approvals. The intention was to complete the transaction by December 31, 2014, if all conditions precedent were met.
“Following a due diligence and negotiation process, the parties have determined not to proceed with the transaction”, a press note form Vodafone Qatar said yesterday. The company also added that it does not presently own any shares in Qnbn.
The Peninsula
