iQSTEL Inc. (OTCPK:IQST) agreed to acquire 51% stake in Qxtel Limited on January 22, 2024. The two companies expect to finalize and close the acquisition agreement within the next 60 days. The companies expect to release additional details on the transaction before the IQSTEL shareholders meeting.

Tolga Alemdar will retain his position as Chief Executive Officer and Managing Director of QXTEL. Additionally, Fernando Diaz Romero, Gonzalo Henschien, and Rami Herzallah, Chief members of the QXTEL Management Team, will continue in their respective roles at QXTEL. The acquisition agreement is designed to uphold the current operations of QXTEL independently, ensuring seamless continuity in customer relationships & company operations.

As of March 5, 2024, the expected closing date of the transaction is target as April 1, 2024.