Saudi Telecom Company (SASE:7010) made an offer to acquire the remaining 74% stake in Kuwait Telecommunications Company K.S.C. (KWSE:VIVA) for approximately KWD 370 million on November 18, 2015. The deal will be funded from cash reserves. The deal is subject to approval of Kuwait Capital Market's Authority. As of December 13, 2015, the deal was approved by Kuwait Capital Market's Authority. The Board of Directors of Kuwait Telecommunications will hold a meeting on December 20, 2015 to discuss the transaction. The Board of Kuwait Telecom Company (Viva) has decided not to recommend Saudi Telecom's offer. Saudi Telecom announced that Board of Directors of VIVA considered that offer price, KWD 1 per share is an unfair price. Saudi Telecom Company confirms continuation of offer procedures.

As of December 15, 2015, STC has determined the offer per share to be KWD 1. The offer period will run from December 27, 2015 till January 31, 2015. NBK Capital acted as financial advisor for STC and Protiviti, Inc., Investment Banking Arm acted as financial advisor for VIVA.

Saudi Telecom Company (SASE:7010) completed the acquisition of additional 25.8% stake in Kuwait Telecommunications Company K.S.C. (KWSE:VIVA) for approximately KWD 130 million on January 31, 2016. The holders of 128.8 million shares accepted the offer.