Emirates Telecommunications Corp. (ETISALAT) agreed to buy Vivendi SA's stake in Maroc Telecom SA for EUR4.2 billion (USD5.7 billion). This will be the largest takeover to take place in the Middle East's telecommunications market, according to a report by Bloomberg.

ETISALAT would be acquiring 53% of Viviendi's holding at MAD100 per share in cash. The deal was expected to be completed in early next year, as stated in the Bloomberg report. The acquisition would be subject to certain conditions and agreements with Morocco shareholders and regulatory approvals, according to ETISALAT's statement.

The takeover would reportedly give ETISALAT power over Morocco's biggest wireless carrier. As for Vivendi, it saw the selling of its assets as an important part of its plan to transform into an entertainment and internet company. 

ETISALAT shares increased by 1.3% to MAD11.80 on the Paris Exchange. Maroc Telecom shares fell 2.3% to EUR8.54 per share.