Qtel Group grows its stake in Asiacell
Qtel group will increase its shares in Asiacell to up to 60%, which will see a total consideration of $1.47 bn
Qtel Group has announced that it will increase its stake in Asiacell to 60%, amounting to a total consideration of $1.47 bn.
It is said that Qtel will increase its ownership in Asiacell to 53.9% and the further increase would be subject to Iraqi government and regulatory approval. The telco giant will finance the transaction through existing funds.
Sheikh Abdullah Bin Mohammed Bin Saud Al-Thani, chairman of the Qtel Group commented: "The Iraqi market is about to enter a period of rapid broadband and data growth and Asiacell is well positioned to meet the demands of the population for high quality, reliable and affordable voice and data services.
This acquisition is in line with our long term strategy of active portfolio development through which we seek to increase our ownership in companies with significant potential. Qtel is committed to reinforcing Asiacell's position as the leading communications company in Iraq and will be investing significantly into this vision.
Asiacell has already delivered significant value to its shareholders and is expected to continue to do so. We remain committed to sharing this successful and important company with the Iraqi public and we continue to work hard on preparing for Asiacell's landmark IPO planned for later this year.
Asiacell is a very important company for the Qtel Group. We continue to expand our regional footprint and diversification of our revenue sources. More than 80% of Qtel Group's revenues are now generated outside Qatar."
Faruk Rasool, chairman of Asiacell said: "Our relationship with the Qtel Group has been very successful for us and they have helped us achieve the market position that we now enjoy. They are regional leaders in communications and will invest with us in the next stage in our journey as we strive to be simply the best communications company in Iraq."