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Qtel takes control of Iraq’s Asiacell
07 June 2012
Qatar Telecom pays $1.47bn to double its shareholding in Iraqi mobile operator to 60%
Qatar Telecom said it has reached agreements to increase its shareholding in Asiacell. Qtel will increase its shareholding in the Iraqi mobile operator to 60% for a total consideration of $1.47 billion. Qtel said the transaction will be financed from existing funds.
Qtel will initially increase its ownership in Asiacell to 53.9%, and the further increase in shareholding is subject to Iraqi government and regulatory authority approval. Both companies will work with the Iraqi regulatory body to finalise the transaction.
Sheikh Abdullah Bin Mohammed Bin Saud Al-Thani, chairman of Qtel group, said: “Asiacell is an outstanding business and has seen excellent performance year on year. The Iraqi market is about to enter a period of rapid broadband and data growth and Asiacell is well positioned to meet the demands of the population for high quality, reliable and affordable voice and data services.” GTB
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