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Vivendi and Etisalat ink Maroc Telecom deal

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

Etisalat sees significant potential in Morocco.
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.