Kuwait's Zain says sued for $4.5 billion over Iraq telco buy | Reuters:
"Zain is being sued for $4.5 billion over its 2007 acquisition of an Iraqi telecom operator, the Kuwaiti firm said in a bourse statement on Sunday.
Zain bought Iraqna for $1.2 billion from Orascom Telecom in December 2007 after the Egyptian firm dropped out of the running for a long-term mobile license in Iraq.
The Kuwaiti firm then merged its Iraqi unit, Atheer, with Iraqna and renamed the entity Zain Iraq, which today is the country's biggest operator by subscribers.
Zain said in statement on Sunday that a company it declined to identify filed a lawsuit last August. This claims Zain's takeover had stopped the firm buying Iraqna, causing it losses of $4.5 billion."
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