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
Vivendi agreed to sell most of its stake in Activision Blizzard, the world's largest videogames publisher, for $8.2 billion on Friday, paving the way for a broader split of the French conglomerate's media and telecoms assets.
Qatar-backed telecom group Ooredoo has withdrawn its bid for Vivendi's 53 per cent stake in Maroc Telecom, leaving rival Gulf operator Etisalat as the remaining bidder.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
UAE's leading telecom services company Etisalat may buy out all minority shareholders in Maroc Telecom if its bid for Vivendi's 53 per cent stake in the Moroccan company succeeds.
The Moroccan state owns 30 per cent of Mar
vivendi has received two binding offers from Gulf companies for a 53 per cent stake in Maroc Telecom, the first tangible sign of progress in the French media and telecom conglomerate's efforts to remake itself.
Etisalat of the Uni