France Telecom in talks to buy Korek Telecom stake - report

News Wireless Iraq 25 NOV 2010
France Telecom in talks to buy Korek Telecom stake - report
France Telecom is in negotiations to purchase a minority stake in Iraqi mobile operator Korek Telecom, the Financial Times reports, citing people familiar with the situation. The French company is interested increasing the Korek share to a controlling stake in the future and the deal could give Korek an enterprise value of USD 1.5 billion, the sources said. Korek is Iraq's third biggest mobile operator with around 3 million operators, after Zain with 11.8 million and Asia Cell with 7.9 million. It was founded in 2000 by its sole shareholder Sirwan Mustafa, a nephew of the Kurdistan regoin's president Massoud Barzani. After starting operations in Kurdistan it obtained a nationwide operating licence in 2007. France Telecom has announced a target of doubling its revenue in emerging markets by 2015. It bought 40 percent of Morocco's Meditel for EUR 640 million and is one of several groups bidding for Syria's third mobile network licence.

Categories:

Mobile

Companies:

France Telecom,  Korek Telecom

Countries:

Iraq

Tags:

Voice services, Messaging, Wireline, Internet Access, M&A buyouts & divestments

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