Etisalat is in latter stage talks to acquire a majority stake in Iraq’s Korek Telecom, according to reports.
The UAE based operator has been in negotiations with Korek since 2008 but has never quite managed to finalise a deal. However, Etisalat chairman…
Etisalat is in latter stage talks to acquire a majority stake in Iraq’s Korek Telecom, according to reports.
The UAE based operator has been in negotiations with Korek since 2008 but has never quite managed to finalise a deal. However, Etisalat chairman Mohammad Omran was quoted by Reuters saying that the company was ‘near to finalising a deal with Korek’.
Korek operates in the North of Iraq. Zain, Asiacell and Korek are the three existing operators in the country, while the Ministry of Communications has also undertaken a process to issue a fourth licence.
Etisalat claims to have around US$2.7bn of cash available for expansion.
