Orascom sells Iraqi mobile operation to MTC (Iraq)Mobile operator Orascom Telecom has concluded an agreement for the sale of Iraqi mobile operator Iraqna to MTC-Atheer. MTC-Atheer is an Iraqi subsidiary of Zain and has purchased Iraqna for a consideration of USD 1.2 billion. MTC-Atheer will pay 50 percent of the consideration on the first anniversary of completion of the transaction and after six months of the completion of the transaction, will deliver a promissory note for the remaining 50 percent due on the second anniversary. The payments are fully guaranteed by Zain. Completion of the transaction is expected before the end of the year. Iraqna finished June with arond 2.8 million customers. Orascom Telecom said its previously announced joint venture in Iraq with Korek Telecom had lapsed, as the companies were unable to reach a definitive agreement. The Korek deal had been key to extending Iraqna’s operating licence in Iraq.
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