Regions

Etisalat to buy Vivendi stake in Maroc Tel

September 29
9:48 AM 2013

On Sunday, Etisalat said its exclusive talks to purchase Vivendi's stake in Maroc Telecom had been extended until October 31. The United Arab Emirates' former telecom monopoly proposed to buy 53% of Vivendi's stake in Maroc Telecom. Vivendi had entered into exclusive negotiations with Etisalat last July. Etisalat is the leading telecom operator in the United Arab Emirates. The negotiation included selling its majority holding stake in Maroc Telecom. The said deal was priced EUR3.9 billion to be paid in cash.

The negotiation's deadline was set to end on September 25. However, it was extended to October 31, said Etisalat in a statement. The statement did not disclose information why the discussions were extended or which party requested the extension.

The 30% stake of Maroc Telecom is owned by Morocco's government. The remaining 17% stake of the company is publicly traded. Morocco's Minister Saadeddine Othmani told reporters last September 11, "We have agreed on all main terms and a deal may be finalized in one to two months".

The statement from Etisalat on Sunday marked a more cautious tone. This was after the company stated, "The execution of a shareholders' agreement with the Kingdom of Morocco regarding Maroc Telecom, and securing competition and regulatory approvals in Morocco in addition to certain other jurisdictions in Maroc Telecom's footprint."

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