Home / Vivendi and Etisalat ink Maroc Telecom deal

Vivendi and Etisalat ink Maroc Telecom deal

Etisalat to pay $5.66bn to acquire 53% stake in Maroc Telecom

Vivendi and Etisalat ink Maroc Telecom deal
Etisalat sees significant potential in Morocco.

The UAE's Etisalat Group has signed an agreement to acquire a 53% stake in Maroc Telecom from its current owner, Vivendi Group.

French operator Vivendi said in a statement that it had signed a definitive agreement with Etisalat for the sale of its 53% shareholding in Maroc Telecom for a total sum of EUR4.2bn ($5.66bn) in cash.

The company said that it expected the deal to be completed by early 2014.

"The sale is part of Vivendi's strategy to focus and strengthen its businesses around media and content activities," Vivendi said in a statement.

The agreement is subject to certain conditions including approval from the regulatory authorities in the countries where Maroc Telecom operates.

Follow us to get the most comprehensive technology news in UAE delivered fresh from our social media accounts on Facebook, Twitter, Youtube, and listen to our Weekly Podcast. Click here to sign up for our weekly newsletter on curated technology news in the Middle East and Worldwide.