France Telecom and Agility, a Kuwaiti logistics company, have bought a minority stake in the Iraqi telecommunications operator Korek Telecom.
The two companies will form a joint venture to take a 44 per cent stake in Korek with an option to take majority control in 2014.
The deal will expand France Telecom's presence in the Middle East while providing Korek with the boost in capital it needs to build its wireless network throughout Iraq. Korek is Iraq's third mobile company after buying a licence from the government in 2008 for US$1.25 billion (Dh4.59bn) and has spent $900 million building a mobile network across the country.
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