Batelco Group, NBK sell their stakes for $93 million

KUWAIT: NBK Capital, one of the leading investment management firms in the region, announced that it has successfully advised VIVA on its acquisition of 100 percent of the capital of QualityNet General Trading and Contracting Company, a Kuwait-based internet services provider.

In a press release, NBK Capital stated that Batelco Group and National Bank of Kuwait, who owned 90 percent and 10 percent of QualityNet respectively, sold their stakes for a total consideration of KD 28.3 million (around $93 million).

On this occasion, Faisal Al-Hamad, CEO of NBK Capital, said: "The success of this transaction and its positive outcome is a reflection of the robustness of NBK Capital's business model in managing the transaction with transparency, professionalism and adoption of international best practices in investment banking, while fully complying with local regulations."

Al-Hamad praised VIVA for its trust and cooperation throughout the process, and the effective role and outstanding performance of NBK Capital investment banking team in ensuring the success of the transaction. This success reflects the high proficiency in dealing with various transactions, and the commitment to meet the needs of the growing and diverse customer base.

In addition, Rani Selwanes, Managing Director and Head of Investment Banking at NBK Capital, commented: "VIVA's choice of NBK Capital as an advisor is proof of confidence in our capabilities and our leading position locally and regionally. We are proud of the success of this transaction." Selwanes emphasized that NBK Capital constantly thrives to deliver the best advisory and financial services to its clients, which will strengthen the leading position of NBK Capital in the investment banking sector locally and regionally.