Qtel to double Asiacell stake for USD1.47bn

Qatar Telecom (Qtel) has confirmed that it has reached a provisional agreement to double its holding in Iraqi mobile operator Asiacell to 60%. According to Bloomberg the USD1.47 billion transaction will see the company increase its ownership in the cellco to 53.9%, with an additional stake increase dependent on approval from Iraq’s government and regulators. In an emailed company statement Qtel has indicated that the transaction will be financed from existing funds, without confirming which group is selling the stake. As previously reported by TeleGeography’s CommsUpdate, in January 2012 Qtel held talks with MerchantBridge & Co., a London-based investment company, to buy its 19% stake in Asiacell. However, it is not known whether the talks were successful, and Eric le Blan, acting chief executive officer of MerchantBridge, has reportedly declined to respond to the news agency’s enquiries.