Emirates Telecommunications Corporation (Etisalat) has reached an initial agreement with Iraq's Korek Telecom to buy a majority stake in the firm, a newspaper reported on Thursday

A memorandum of understanding between the two companies for the acquisition was signed 'a while ago', Arabic daily Al-Bayan reported, quoting informed sources in the Iraqi government.

Etisalat said in February it was close to acquiring a majority stake in Korek Telecom as it looks to double revenues from overseas operations in three years. Etisalat were not immediately available for comment. - Reuters