Etisalat announces binding offer for Maroc Telecom stake

Etisalat has said it will make a binding offer for Vivendi’s 53% stake in Maroc Telecom, ahead of today’s deadline.

Bloomberg reports the Middle East carrier is thought to be securing financing worth $8 billion to secure the deal. Based on Maroc Telecom’s trading on Casablanca’s stock market, Vivendi’s share is worth approximately $5.9 billion.

“Etisalat is planning to finance the transaction with external funding and has already secured the required funds from both local and international banks,” said Serkan Okandan, CFO of Etisalat Group.

Vivendi is thought to divesting stakes in operators outside of its domestic market and has courted interest from a number of Middle Eastern operators.

The French operator received regulatory approval for the sale of its Brazilian telecoms unit GVT in February.