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Meditel sold to group of Moroccan investors

Portugal Telecom and Telefonica sell their 32% stakes in Moroccan operator Meditel for US$574m

Moroccans using their mobile phones in the country’s capital, Rabat.
Moroccans using their mobile phones in the country’s capital, Rabat.

Spain's Telefonica and Portugal Telecom have sold their 32.2% stakes in Moroccan operator Meditel to a group of Moroccan companies for US$574 million.

In a statement released today, Portugal Telecom said the buyers were RMA Watanya, a Moroccan insurance company, FinanceCom, a privately owned group and government financing arm Fipar Holding.

The deal, which will give control of the fixed line and mobile operator to the group, is expected to close by the end of the year, subject to approval by the country's telecom regulator.

Qatar-based Qtel had expressed  an interest in Meditel, and the UAE's Etisalat was also thought to have been interested in acquiring the telco, Morocco's number two operator by subscriber numbers.