Agility agrees USD250 million stake in Korek

Kuwaiti ‘logistics provider’ Agility has agreed to buy a USD250 million stake in Iraqi cellco Korek Telecom. In a statement to the Kuwait bourse, Agility said that it had agreed a ‘strategic partnership’ with Korek, although the agreement still needs final approval by both sides, Agility said. The proposed deal would provide Korek Telecom with ‘financial, administrative and operational flexibility that would enable it to focus on fulfilling the terms of Iraq’s mobile licence contract,’ said the statement. Korek paid USD1.25 billion for one of three Iraqi nationwide mobile licences sold last month at an auction in Jordan and has an estimated 1.2 million customers, mainly in the Kurdish region.