Etisalat transfers Moov assets to Maroc Telecom

News Wireless Africa 27 JAN 2015
Etisalat transfers Moov assets to Maroc Telecom

UAE-based operator Etisalat announced that it has completed the sale of its French-speaking West African operations to Maroc Telecom. The sale is part of the acquisition of a 53-percent shareholding in Maroc Telecom in May 2014. Etisalat, through its wholly-owned subsidiaries Atlantique Telecom and Etisalat International Benin, transferred its shareholdings in operations in Benin, the Central African Republic, Gabon, the Ivory Coast, Niger and Togo to Itissalat Al Maghrib (Maroc Telecom). These operations provide mobile voice and data services under the Moov brand. The sale also includes Prestige Telecom, established in Ivory Coast, providing IT services to these same operations.

The final consideration in return for Etisalat's equity and receivables (including shareholder loans) from these seven companies amounts to EUR 474 million. The combination of Maroc Telecom's existing West African assets with Etisalat's Atlantique Telecom assets will result in the creation of a strong French speaking West African offering that will benefit from critical scale, the operator said. 

Categories:

Mobile

Companies:

Atlantique Telecom,  Maroc Telecom,  Moov,  Etisalat,  Prestige Telecom

Regions:

Africa

Tags:

M&A buyouts & divestments

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