Vodafone Qatar has said that it had decided not to proceed with the transaction for Qatar National Broadband Network Company (Qnbn) acquisition.
On October 2, Vodafone Qatar had entered into a non-binding Heads of Agreement with Information Communication Technology Holdings (ICTH) with a view to acquiring the entire issued and paid up share capital of Qnbn comprising 21mn shares at a par value of QR10 a share.
The transaction was subject to completing due diligence, regulatory approvals, agreement on price and entering into a definitive share purchase agreement. The intention was that the transaction would, if all conditions precedent had been met, be completed by December 31.
“Following a due diligence and negotiation process, the parties have determined not to proceed with the transaction,” Vodafone said yesterday.
At that time, Vodafone Qatar said it did not believe that the relationship between the parties produced any conflict of interest between Vodafone Qatar , ICTH and Qnbn.
Vodafone Qatar said it does not presently own any shares in Qnbn.
© Gulf Times 2014
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