Published: November 11, 2013
Long-negotiated acquisition finally closes.
United Arab Emirates-based Etisalat has bought a 53% stake in Maroc Telecom, Morocco’s flagship telecommunications provider.
The €4.2bn (US$5.7bn) share was divested by France’s Vivendi, which is paying down debt and moving away from telecoms towards its more profitable music and media business. The government of Morocco still holds a 30% stake.
The acquisition, which Etisalat initially bid for in January, will give it a stronger presence in Sub-Saharan Africa through Maroc Telecom’s holdings in Burkina Faso, Gabon, Mali and Mauritania. Qatar’s Ooredoo, Etisalat’s last major rival on the deal, withdrew its bid in June.