Tuesday 5 June 2012

UPDATE 1-Qatar Tel gains control of Iraqi Asiacell for $1.5 bln | Reuters

Qatar Telecom (Qtel) has reached agreements to double its stake in Iraq's No. 2 operator Asiacell to 60 percent for$1.47 billion as it seeks to exploit rising demand for broadband.

Qtel will initially raise its stake to 53.9 percent from 30 percent, with a further increase pending Iraqi government and regulatory approval, the company said in an emailed statement.

Qtel declined to identify the sellers of the stake, but in January sources told Reuters the operator was planning to buy private equity firm MerchantBridge's 19 percent holding in Asiacell, a company that provided about a fifth of Qtel's revenue in the first quarter.

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