Etisalat to close Maroc Telecom deal by May 14
Abu Dhabi, May 8, 2014
Emirates Telecommunications Corporation (Etisalat), a leading telecoms operator in the Middle East, Asia and Africa, said today that it expects to close the acquisition of Vivendi’s 53 per cent shareholding in Itissalat Al Maghrib (Maroc Telecom) by May 14.
French conglomerate Vivendi had agreed to sell the stake in Maroc Telecom to Etisalat for 4.2 billion euros ($5.67 billion).
Vivendi is in the midst of a restructuring to pay down debt, sell telecom assets in Morocco and elsewhere so that it can focus on its TV and music businesses.
The deal marks Etisalat's return to foreign expansion after splurging about $12.6 billion on overseas acquisitions between 2004 and 2009 that added little to its bottom line.
The Gulf's No 1 telecom company by market value currently has operations in about 15 countries in the Middle East, Asia and Africa, although its home market remains by far the most important. -TradeArabia News Service