Vodafone Qatar has entered into a non-binding Heads of Agreement (HoA) with Information Communication Technology Holdings (ICTH) with a view to acquiring the entire issued share capital of Qatar National Broadband Network Company (Qnbn) comprising 21mn shares at a par value of QR10 a 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 announced yesterday.
Vodafone Qatar said it 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% 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 said it 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.”
The transaction is expected to be completed before the year-end subject to the fulfilment of all conditions.
