Majority stake in Korek Telecom to be bought by Etisalat

Korek-Telecom-Etisalat-LogoAs per media reports, a majority stake in Kurdish operator Korek Telecom might be bought by UAE-based telecom major Emirates Telecommunications Corporation (Etisalat) with the aim of expanding opportunities abroad.

It was forwarded by Etisalat's chairman Mohammad Omran at a press conference that Etisalat is almost near to finalizing a deal with Korek. He also said that Etisalat is mulling to purchase a majority stake in the northern Iraq-based firm.

Last week, Etisalat expressed that it is thinking to widen into six markets in the Middle East and North Africa. The company described Iraq, Libya, Lebanon, Oman, Syria and Morocco as targets due to their low penetration level.

It was back on October 2008, when Etisalat first expressed an interest in securing a 51% stake in Korek Telecom; in a deal worth up to USD1 billion. The company, in December 2009 specified it was mulling whether to bid for a license in the country or instead buy a stake in Korek.

Last week, Omran also specified that the firm had interest in purchasing Djezzy, the Algerian unit of Egypt's Orascom Telecom.