Etisalat inches closer to Korek acquisition (Iraq)

www.WirelessFederation.com/news: The long-anticipated acquisition of a majority stake in Iraqi mobile network operator; Korek Telecom by the UAE based Etisalat seems to be on the verge of completion. The talk between the two companies has been going on since September 2008.

Zain, Asiacell and Korek Telecom are the three operators in the country. Orascom owned the Iraqna network, but failed to get an operating license in the last round of auctions and had tried to set up a joint venture with Korek Telecom but that fell apart. Iraqna was later sold to Zain.

Etisalat may seek to raise funding via bonds to expand into up to six additional markets, including a possible acquisition of Orascom Telecom’s troubled Algerian subsidiary, Djezzy.