Orange confirms EUR 640 mln 40% acquisition of Meditel

News General Morocco 22 SEP 2010
Orange confirms EUR 640 mln 40% acquisition of Meditel
France Telecom-Orange, FinanceCom and Caisse de Depot et de Gestion (CDG) subsidiary Fipart-Holding have signed an MoU with a view to France Telecom acquiring 40 percent of Moroccan operator Medi Telecom (Meditel) for EUR 640 million. France Telecom expects the operation to be accretive in terms of cashflow and profit per share from 2011. The group will consolidate its Meditel stake into its accounts from 2015. Meditel is the second biggest global telecoms operator in Morocco, holding licences for fixed and 3G mobile telephony. With over 10 million mobile subscribers and a market share of 37 percent, Meditel recorded sales of over MAD 5.3 billion (EUR 465 mln) in 2009, with a 40 percent EBITDA margin and an around MAD 1.4 billion (EUR 131 mln) operating cash-flow. France Telecom said it intends to leverage its marketing, commercial and technical knowledge to contribute to Meditel's growth in value-added sectors such as mobile voice and data communications, content and B2B. Othman Benjelloun and Anass Houir Alami, respectively president of FinanceCom and CEO of CDG, see this partnership as a strategic alliance that will strengthen Meditel's position in Morocco and give it with a platform to reach across the Maghreb and other parts of Africa. The three partners have also agreed to float Meditel on the Casablanca stock exchange in the short to medium term.The stake purchase is due to close at the end of the year subject to approval by Moroccan telecommunications regulator ANRT.

Categories:

General

Companies:

Orange,  France Telecom,  Meditel,  ANRT,  Medi Telecom

Countries:

Morocco

Tags:

Voice services, Unified communications, Wireline, Wireless, Internet Access, M&A buyouts & divestments

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