Vodafone Group will sell Vodafone Europe’s 51 percent stake in the joint venture company Vodafone Qatar to Qatar Foundation for €301 million.

The deal values Vodafone Qatar at an enterprise value of €1,451 million.

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Vodafone Qatar provides voice, messaging, data and fixed communications services to around 1.4 million customers. Under the Partner Market agreement, Vodafone brand will continue in use.

Vodafone Qatar has reported revenue of €481 million, EBITDA of €134 million and Capex of €78 million in the 12 months of 2017.

Gulf Business in 2016 reported that Vodafone Qatar has reduced 50 staff and is trimming allowances for other workers, citing financial challenges. Vodafone Qatar has yet to post profit after breaking Ooredoo’s monopoly in the country in 2009. The company lost $78.5 million in the nine months to December 2015.

Rival Ooredoo cut 100 Qatar-based staff two months ago due to declining economic conditions. Ooredoo today reported that its 5G services are live in Qatar targeting IoT and smart city projects.

Vivek Badrinath, chief executive officer of Vodafone’s Africa, Middle East and Asia-Pacific region said: “As the company embarks in a new phase of its journey, we now look forward to continuing our involvement with the business through a long-term, branded partnership agreement and are committed to its ongoing success.”