Etisalat nears acquisition deal of Iraq’s Korek

23 Feb 2010

(MENAFN) Emirates Telecommunications Corp (Etisalat), the Gulf region’s second-largest telecommunications firm by market value, said that it close to ink an agreement to buy a majority stake in Iraq’s Korek Telecom, Reuters reported.

Etisalat’s Chairman, Mohammad Omran, said that the company aims to double its revenues from overseas operations in the coming three years, noting that Etisalat has been expanding aggressively outside its home-country, the UAE, since its monopoly was broken by Dubai-based du in 2007.

Iraq currently has three mobile phone operators, Kuwait’s Zain, Korek and Asiacell, a unit of Qatar Telecommunications, each of which got the license for $1.25 billion.

Omran said that Etisalat is almost near to finalizing the deal with Korek, adding that the firm was in talks to buy a majority stake in the northern Iraq-based telecom firm.

Earlier this month, Etisalat announced that it is eyeing six markets in the Middle East and North Africa region, and it was still investigating for acquisitions or new licenses.

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