Etisalat to sell stake in 7 African firms
Abu Dhabi, May 5, 2014
Etisalat has signed an agreement with Maroc Telecom for the sale of its shareholdings in seven companies in six French-speaking West African states for $650 million.
A statement said Etisalat, Atlantique Telecom and Etisalat International Benin (EIBL) and Itissalat Al Maghrib (Maroc Telecom) have signed a share purchase agreement for the sale of Etisalat’s shareholdings in its operations in Benin, the Central African Republic, Gabon, the Ivory Coast, Niger and Togo.
These operations provide both mobile voice and data services and operate under the Moov brand. The agreement also includes Prestige Telecom, established in the Ivory Coast, providing IT services to the operations of Etisalat in these countries, the statement said.
The total consideration in return for Etisalat’s equity in and receivables (including shareholder loans) from these seven companies amounts to $650 million, it said.
Closing of the transaction is subject to a number of conditions precedent. These conditions include, among others, the closing of the acquisition by Etisalat of Vivendi’s 53 per cent shareholding in Maroc Telecom and securing competition and regulatory approvals in the above-mentioned six countries in West Africa. - TradeArabia News Service