Etisalat buys 53% of Morocco’s Telecom for 4.2 Billion Euros

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Vivendi, the major telecom of Kingdom of Morocco formally announced this week that 53%Etisalat - vivendi of the company’s share was sold to ETISALAT for 4.2 billion euros or Dh19.2 billion in cash.
Etisalat, one of the most powerful telecommunications companies in the Middle East is now the major shareholder of the Moroccan Telecom.
After selling his stake in Activision, Vivendi continues to focus on signing the definitive agreement for the sale of Morocco Telecom to Etisalat.
Although the operation and take over is therefore confirmed, the subject remains to customary regulatory approvals, including the regulatory authorities in Morocco.
Arbitrations will continue and the company will be able to pursue reducing its debts according to its strategy, according to a statement of Vivendi. The group is confident that they can complete the transaction by early 2014.
Vivendi began in early summer 2013 exclusive negotiations with Etisalat. Etisalat is also present in Saudi Arabia and Egypt, and has interests in Africa and Asia. The Group serves 141 million customers in 15 countries.