Etisalat says to close Maroc Telecom deal by mid-May

May 08, 2014 - 12:14:44 pm

ABU DHABI: UAE telecom giant Etisalat said Thursday it expects to complete its purchase of Vivendi's 53 percent stake in Maroc Telecom, Morocco's main provider, on May 14.

French media and entertainment group Vivendi in November announced it had agreed to sell its Maroc Telecom stake to Etisalat for 4.2 billion euros.

Last month the Emirati operator said it had raised 3.15 billion euros with a group of 17 international, regional and local banks in the United Arab Emirates to fund the acquisition.

In a brief statement on Thursday, the Abu Dhabi-based firm said it "expects the closing of the acquisition of Vivendi's 53% shareholding in Itissalat Al-Maghrib ("Maroc Telecom") to be completed on 14th May 2014".

The Moroccan state holds 30 percent of Maroc Telecom, which is quoted on the stock exchange in Casablanca.

Etisalat became the only potential buyer of the 53 percent holding after Qatari firm Ooredoo, formerly QTel, withdrew from the running last June.

Vivendi and Etisalat, one of the largest telecom groups in the Middle East, began negotiations at the end of April, 2013.

Etisalat, which also operates in Saudi Arabia and in Egypt and has interests in Africa and Asia, provides services to 145 million customers in 15 countries. (AFP)