Vivendi has been looking to sell its majority stake in the company since the end of last year as it reviews its operations and looks to raise in excess of €6 billion from a sale.
Ooredoo, formerly Qtel, yesterday submitted an approved and binding offer for the company, according to reports, and is said to have lined up a $12 billion loan from several banks to secure the bid.
Etisalat also submitted a bid yesterday, ahead of the Wednesday submission deadline.
“You’re looking at two fairly flush telcos with comparable state standing so there’s very little [difference] in the [funding] structures – it’s all going to be about who puts an extra number in the cheque,” a source told the Financial Times.
The 53% stake has a reported market value of $5.9 billion and the successful bid will require approval from the Moroccan government which owns a 30% stake in Maroc Telecom.
