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21-04-14

Zain being sued for USD4.5b over Iraqi telco acquisition

(MENAFN) Kuwait's Zain announced that it's being sued for USD4.5 billion over it acquisition of an Iraqi telecom operator in 2007, Arabian Business reported. Zain had acquired Iraqna in December 2007 from Orascom Telecom for a total of USD1.2 billion after the firm dropped out of the running for a long-term mobile license in Iraq. Following the acquisition, Zain merged its Iraqi unit with Iranqa and renamed the entity Zain Iraq. Zain said that a company it did not identify filed a lawsuit claiming that Zain's acquisition prevented it from buying Iraqna, incurring a loss of USD4.5 billion.