Mubasher: Mobile Telecommunications “Zain” has acquired a majority stake in Al Wazzan Group of Companies.

Under the deal, Zain purchased a 51% stake in Al Wazzan Group, sources told Kuwaiti newspaper Al Seyasa, indicating that the deal involved five companies owned by Al Wazzan.

The deal was signed by Zain’s CEO and vice chairman Badr Al Kharafi and Hussein Al Wazzan, the legal representative of Al Wazzan Group, the sources added.

The five companies, which took part in the deal, are either exclusive distributors and service providers for Zain or general telecom service providers in Kuwait.

Under the deal, Zain will be entitled to operating the five firms, the sources went on, noting that Zain was to keep several of Al Wazzan Group’s top executives in management, finance, and sales.

The five companies involved in the acquisition include: Fonz International, Swift Tel International Co, Swiss International Financial Brokerage CO, Prontowash Kuwait, and one more.

The sources did not unveil the value of the acquisition.

Last week, capital market analyst Ahmad Jassim Al Qamr told Mubasher that he expected Zain to achieve KWD 129 million ($427 million) in profits in the nine-month period from January to September, up from KWD 122 million ($404 million) in the year-ago period.

In the first six months of the year, Zain had logged an increase of 5.1% in earnings to KWD 86.45 million versus KWD 82.29 million in profits in H1-17.