Etisalat extends talks to buy Maroc Telecom stake

News General Africa 30 SEP 2013
Etisalat extends talks to buy Maroc Telecom stake
UAE-based operator Etisalat said that its exclusive talks to buy Vivendi's 53 percent stake in Maroc Telecom have been extended to 31 October. Vivendi in July entered into exclusive negotiations with the UAE operator to sell its majority holding stake in Maroc Telecom for USD 5.28 billion in cash. The previous deadline for the exclusive talks to end was 25 September, but it has now been extended to 31 October. Etisalat did not say why talks were extended or at which party's behest. Morocco's government owns 30 percent of Maroc Telecom, with the remaining 17 per cent publicly traded. Etisalat said a final agreement was subject to execution of a shareholders' agreement with Morocco regarding Maroc Telecom and securing competition and regulatory approvals in Morocco, in addition to certain other jurisdictions in Maroc Telecom's footprint.

Categories:

General

Companies:

Maroc Telecom,  Vivendi,  Etisalat

Regions:

Africa

Countries:

Morocco

Tags:

M&A buyouts & divestments

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