Maroc shareholdings bought by Etisalat from Vivendi
Vivendi SA had formalized an agreement to sell its owned 53% shareholdings in Maroc Telecom to UAE's Etisalat for a sum of EUR4.2 billion or USD5.67 billion. This is the latest step of the French firm to wean itself from non-media related businesses and return to its core markets.
The deal is expected to be concluded by early 2014. The details include Etisalat paying Vivendi SA EUR3.9 billion for the shareholdings. Another EUR300 million in 2012 dividends would also be paid out according to statements from both parties last Tuesday.
According to Vivendi, it is in the midst of a restructuring program to pare down debt. It is also selling off telecommunications assets located not only in Morocco but in other parts of the world so that it can focus on its core businesses, mainly television and music.
Vivendi recently reached an agreement to buy out Lagardere's 20% shareholdings in pay-television operator Canal+France for EUR1.02 billion or USD1.41 billion.