Kuwait’s Competition Protection Agency on Monday approved a transaction where the Bahraini technological company Kalaam Telecom acquired the Kuwaiti Zajil International Company — specialized in internet services.
The authority said in a statement that the board agreed to the acquisition after examining an application, forwarded by the two companies, ensuring compliance with the 2020 Kuwaiti law for competition protection.
It compels the two parties to abstain from withdrawing “products or hampering competition in the market” with no discrimination among clients. The two sides will be subject to continuous supervision and evaluation for a year — with respect of services’ rates and quality of the offered products.
Kalaam Telecom declared in June its plan to acquire Zajil, the oldest internet services company in Kuwait.
Kalaam has also declared that the acquisition will lead to creating a joint entity with proceeds estimated at USD 100 million — whereby the new one will be one of the major suppliers of the internet services in GCC countries and abroad.
Source: Kuwait News Agency