Qatar National Broadband Network (Qnbn) confirms that on 2nd October 2014 Vodafone Qatar entered into a non-binding Heads of Agreement with Information Communication Technology Holdings Q.S.C with a view towards acquiring Qnbn. Completion of the transaction is conditional upon parties entering a definitive Share Purchase Agreement.
This anticipated transaction will benefit consumers and businesses in Qatar by creating improved customer choice, competitive pricing, product innovation and enhanced customer service.
Commenting on the news, Mohammed Al- Mannai, Chief Executive Officer at Qnbn said, “We believe that the contemplated transaction would further help in achieving a knowledge-based sustainable economy in line with Qatar National Vision 2030. We also believe that this development demonstrates how Qnbn’s network compliments Vodafone’s products and services and also reflects our on-going commitment to our customers and suppliers.”
Qnbn was established by the Government of Qatar to meet demand for ICT infrastructure, specifically insufficient landline capacity to meet future demand and growth. Since Qnbn’s inception, it has contributed towards the growth of the ICT sector, and accordingly the government has encouraged increased private sector activity which has opened new opportunities for Qnbn to forge commercial partnerships.
Over the past three years, Qnbn has made steady progress with its fiber optics broadband infrastructure rollout and has successfully connected towers and compounds in the West Bay area, Msheireb Downtown Doha project, Barwa City, Barwa Commercial Avenue and six central offices. Qnbn has also finalized many major agreements with some of the country’s best-known names in real estate development, healthcare, oil and gas, education, and government sectors for providing private networks.
Notes to Editor:
Qnbn cannot provide any further comment on the contemplated transaction until its completion which is subject to fulfilment of all conditions precedent.