Orange takes control of Morocco's Meditel

News Wireless Morocco 27 JUL 2015
Orange takes control of Morocco's Meditel
Orange has acquired an additional 9 percent stake in Moroccan operator Meditel, raising its total holding to 49 percent. Orange said it signed an agreement with Fipar-Holding (the Moroccan Caisse de Depot et de Gestion group), FinanceCom to increase Orange's interest in Meditel in application of the agreements they signed in December 2010. Meditel's board will now include five members proposed by Orange and four members from the Moroccan shareholders, and the company will be fully consolidated in the financial statements of the Orange group. 

Othman Benjelloun will remain CEO of the operator. Meditel, created in 1999, holds a 31 percent share of the Moroccan mobile market with 13 million subscribers. Meditel will complete the overhaul of its mobile network this year, extending its 3G coverage to 95 percent of the population. Meditel was the first operator to launch 4G service in Morocco, in June.

No financial details of the acquisition were disclosed. 

Categories:

Mobile

Companies:

Orange,  Meditel

Countries:

Morocco

Tags:

M&A buyouts & divestments

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