UAE’s Etisalat nears Iraqi Telco takeover

DUBAI, April 1 – Emirates

Telecommunications Corporation has reached an initial agreement with Iraq’s Korek Telecom to buy a majority stake in the firm, a newspaper reported on Thursday, citing Iraqi government sources.

A memorandum of understanding between the two companies for the acquisition was signed “a while ago”, Arabic daily al-Bayan reported, according to informed sources in the Iraqi government.

Etisalat said in February it was close to acquiring a majority stake in Korek Telecom as it looks to double revenues from overseas operations in three years.

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