Sunday, March 13, 2011

France Telecom Acquires Stake in Iraqi Mobile Operator

France Telecom-Orange and its partner Agility have formed a joint venture to acquire a 44% state in Korek Telecom, a leading Iraqi mobile operator. The joint venture will be formed by Agility (54%) and France Telecom-Orange (46%).

Korek Telecom holds the leading position in the Kurdistan region of Iraq (population of 5 million) and plans to extend its operations across the rest of Iraq (total population of 33 million).

Stephane Richard, France Telecom-Orange's Chairman and CEO, said: "The acquisition of this stake in Korek Telecom is a new step in our policy of expansion outside Europe, and contributes to our stated aim of doubling our revenues in Africa and the Middle East by 2015. I am delighted to contribute to this strategic partnership, especially at a time when Korek Telecom is expanding its operations across the entire country, thereby offering the latest services and technologies to the whole Iraqi population."

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