Abu-Dhabi-based telecoms firm Etisalat has asked banks to extend commitments to an acquisition loan backing its 4.2 billion euro ($5.79 billion) purchase of a stake in Maroc Telecom but will not pay fees until the deal closes, bankers said.
Vivendi has agreed terms to sell its 53 percent stake in Maroc Telecom to UAE's Etisalat for 4.2 billion euros ($5.67 billion), the latest step in the French conglomerate's attempts to become more media-focused.
UAE's leading telecom services operator Etisalat said that its exclusive talks to buy Vivendi's 53 per cent stake in Maroc Telecom have been extended to October 31.
Vivendi in July had entered into exclusive negotiations w
Etisalat, the Gulf's biggest telecommunications operator, has entered exclusive talks with Vivendi to buy the French firm's 53 percent stake in Maroc Telecom for 4.2 billion euros ($5.54 billion), it said on Tuesday.
Morocco wants UAE telecom operator Etisalat to take on a local partner as a condition of backing its bid for a 53 percent stake in Maroc Telecom, three sources familiar with the matter said.
French company Vive
Qatar-backed telecom group Ooredoo has withdrawn its bid for Vivendi's 53 per cent stake in Maroc Telecom, leaving rival Gulf operator Etisalat as the remaining bidder.
The sale of Morocco's biggest fixed and mobile teleco
UAE's leading telecom services operator Etisalat has won approval from its shareholders to raise financing for acquiring Vivendi’s 53 per cent stake in Marco Telecom, said a company statement.
The board’s recommend
Gulf telecom operator Etisalat has offered a higher price for Vivendi's Maroc Telecom stake than rival Qatari bidder Ooredoo, according to two people familiar with the matter.
Etisalat's bid needs further work, however, an