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Korek in ‘final stages’ of stake sale talks

1 Dec 2010

Kurdish mobile operator Korek Telecom is in discussions with two companies to sell a minority stake and expects to strike a deal by the end of the week, The National reports, citing Korek’s chief executive Humam Amara. Last week CommsUpdate reported that France Telecom had entered into talks to buy a stake in the operator, as part of a strategy to expand its presence in the Middle East. According to Amara, a deal between the two companies has not yet been brokered: ‘It is still in discussion. We have not signed anything with Orange [France Telecom],’ the executive stated. He also said that Korek was in talks with ‘another foreign, publicly-listed company’, but could not reveal the name of the firm, due to the signing of a non-disclosure agreement. Mr Amara said that discussions with the two operators are in the ‘final stages’, adding that Korek will look to make a decision within the next few days. Korek initially focused on the provision of mobile services in Kurdistan, but in August 2007 it was awarded a national licence and has developed into Iraq’s third-largest cellco by customers, with an estimated 2.55 million subscribers at 30 September 2010. Korek is looking to sell a 35%-49% stake in the operator, which is valued at about USD3 billion, Mr Amara said.

Iraq, Korek Telecom, Orange Group

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