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Zain Acquires Iraqna For $1.2 Billion

Zain, the third-biggest Gulf Arab mobile telecommunication firm by market value, concluded the purchase of 100% of share capital of Iraqna company for mobile telecommunication services in Iraq. The acquisition costs $1,2 billion and was made through MTC-Atheer, Zain’s Iraqi subsidiary, which was one of the 3 mobile telecommunication firms operating in Iraq.

Commenting on the transaction, Dr. Saad Al Barrak, Managing Director-Deputy Chairman of Zain Group, stated:”We are delighted that MTC-Atheer acquisition if Iraqna will create one of the most dynamic and resourceful mobile telecoms companies in Iraq and in the region at large
This investment reinforces and demonstrates our commitment to the future prosperity of Iraq while complementing Zain’s aspirations of becoming a top ten global mobile operator by 2011.”

Zawaya

Zain has been expanding their market, and now they cover 20 countries across the Middle East and Africa. The firm, formally called MTC started in Kuwait, is now in the process of building the 3rd Saudia Arabian mobile phone network firm.

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