Korek Telecom in talks to buy Orascom Iraq assets
Kurdish operator Korek Telecom said on Sunday it was in talks to buy the Iraqi assets of Egypt’s Orascom Telecom Holding and planned to invest $1 billion to expand its network across the war-torn country.
DUBAI: Kurdish operator Korek Telecom said on Sunday it was in talks to buy the Iraqi assets of Egypt’s Orascom Telecom Holding and planned to invest $1 billion to expand its network across the war-torn country.
Korek paid $1.25 billion for one of three Iraqi mobile licences sold earlier this month at an auction in Jordan, replacing those awarded after the US-led invasion that toppled Saddam Hussein’s regime in 2003. Orascom, which set up a network under a licence bought in 2003, pulled out of the auction in Jordan at the eleventh hour and said it could consider selling its operation. Orascom’s stock tumbled on the news and hit an eight-week low on August 20. “We are in negotiations with Orascom,” Korek’s deputy chief executive, Hameed Akrawi, said.
Korek paid $1.25 billion for one of three Iraqi mobile licences sold earlier this month at an auction in Jordan, replacing those awarded after the US-led invasion that toppled Saddam Hussein’s regime in 2003. Orascom, which set up a network under a licence bought in 2003, pulled out of the auction in Jordan at the eleventh hour and said it could consider selling its operation. Orascom’s stock tumbled on the news and hit an eight-week low on August 20. “We are in negotiations with Orascom,” Korek’s deputy chief executive, Hameed Akrawi, said.
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