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Etisalat poised to announce acquisition

UAE operator planning takeover in telecom sector, will announce details shortly, COO says.

Emirates Telecommunications Corp. (Etisalat) is set to announce an acquisition of a telecom firm shortly, its chief operations officer said on Tuesday.

"We will announce an acquisition [of a telecom firm]," Ahmad Julfar told newswire Reuters by telephone.

He declined to give further details.

Etisalat is set to acquire a 49 percent stake in India's Swan Telecom for around $1.3 billion, the daily Business Standard reported on Tuesday, citing sources.

Julfar declined to comment on the report. (Reuters)