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Qtel doubles stake in Asiacell for $1.5bn, takes control

Qtel has reached agreements to double its stake in Iraq's second-largest operator Asiacell to 60% for $1.47bn, as it seeks to exploit rising demand for broadband, Reuters has reported. The Doha-based telecoms firm said it will initially raise its stake to 53.9% from 30%, with a further increase pending Iraqi government and regulatory approval. Qtel, which owns majority stakes in Oman's Nawras and Kuwait's Wataniya, said it will finance the acquisition from existing funds.