Iraq awards three telecom licenses for $1.25B each

We noted recently that Iraq would soon award three licenses for wireless services in the country and the pricetag was $1.25 billion for each. The new licensees are Kuwait's Mobile Telecommunications, Kuwait's Wataniya Telecom's AsiaCell and Korek Telecom, which operates in Erbil, northern Iraq. The Iraqi government pulled in a total of $3.75 billion as a result of the licensing, but each carrier will pay the government 18 percent of revenues generated. The licenses will expire in 15 years. The auction had been delayed for a few years because of security issues in the country.

For more on Iraq's wireless licenses:
- read this WSJ article (sub. req.)