Etisalat steps up efforts to acquire majority stake in Maroc

Etisalat has hired a range of banks to advise on its planned acquisition of Vivendi’s 53% stake in Maroc Telecom.

The UAE-based operator has selected BNP Paribas and Moroccan bank Attijariwafa bank as its advisors, according to undisclosed Reuters sources.

Vivendi has been in the market to sell several assets in a bid to reduce debt and decrease its exposure to the capital intensive telecoms sector.

The French company also operates as a media and entertainment conglomerate.

According to Reuters, its stake in Maroc Telecom is worth approximately $6 billion based on present market value. Etisalat is looking to finance a loan worth $8 billion, according to sources.

Other reported interested parties in Maroc include Qatar Telecom, and South Korean operator KT.

Maroc Telecom holds majority stakes in Gabon Telecom, Mauritania’s MaurieTel, Burkina Faso’s Onatel and Mali’s Sotelma.