Etisalat completes Maroc Telecom stake buy
Abu Dhabi, May 14, 2014
UAE-based Etisalat, a leading telecommunications group in the region, has completed the acquisition of 53-per cent shareholding in Morocco’s Itissalat Al Maghrib or Maroc Telecom from Vivendi, a French mass media and telecom giant.
The final consideration amounted to 4.138 billion euros ($5.68 billion) and Etisalat will start to consolidate Maroc Telecom and its subsidiaries starting this month.
The transaction was effected through the acquisition by Etisalat International North Africa (EINA) of Vivendi’s 53-per cent effective shareholding in Maroc Telecom.
EINA is an indirect subsidiary of Etisalat incorporated in the Emirate of Abu Dhabi. The effective interests in the capital of EINA are Etisalat (91.3 per cent) and Abu Dhabi Fund for Development (8.7 per cent).
In addition to the 2012 dividends (MD7.4 per share) already distributed in 2013, Etisalat is also entitled to receive MD6.0 per share dividend for the year 2013 to be distributed by Maroc Telecom in June.
The total amount of dividend pay-outs to the acquired shares for the years 2012 and 2013 is MD6.2 billion ($755 million) out of which MD5.7 billion is to Etisalat.
As per stock market regulations in Morocco, filing of a tender offer to acquire the remaining shares in a company is mandatory when a legal entity comes to own, directly or indirectly, more than 40 per cent of the voting rights of that company.
As a result, Etisalat will make an initial filing of the tender offer documentation with the Moroccan Capital Market Authority within the prescribed time period. – TradeArabia News Service