UAE-based Telco Emirates Telecommunications Corporation (Etisalat) is close to buying a majority stake in Iraqi operator Korek Telecom as it continues to look for expansion opportunities abroad, news agency Reuters reports, citing Etisalat’s Chairman Mohammad Omran.
“Etisalat is almost near to finalizing a deal with Korek,” Omran revealed at a press conference, adding that the Telco was in talks to buy a majority stake in the northern Iraq-based firm.
Etisalat last week revealed it was looking to expand into six markets in the Middle East and North Africa, with Iraq, Libya, Lebanon, Oman, Syria and Morocco revealed as targets due to their low penetration levels.
Etisalat first expressed an interest in securing a 51% stake in Korek Telecom in October 2008, in a deal worth up to USD1 billion.
(Aswat Al Iraq)