STC receives approval for takeover of Kuwait’s Viva

14 December 2015 |

Saudi Telecom (STC) has received approval from Kuwait’s regulator, Capital Markets Authority (CMA), to acquire all the shares of its Kuwaiti affiliate Viva.

In November, STC revealed it had submitted an offer to raise its stake in Viva from 26% to 100%.

According to Reuters, STC will offer 1 dinar per share to buy out other shareholders, amounting to a 9% discount to Viva's last closing price.

The buyout period is open from December 27 to January 31.