France Telecom-Orange and its partner, Agility, have signed a deal with the shareholders of Korek Telecom to buy its 44% stake. The companies will form a joint venture, in which Agility will contribute its existing convertible debt and inject an additional $50 million in exchange for a 24% indirect stake in Korek and a $100 million four-year shareholder loan to Korek.
France Telecom will pay $245 million for a 20% indirect shareholding in Korek Telecom and will also extend a $185 million four-year shareholder loan to the Iraqi mobile operator.
Click here for the release from Orange.