Ooredoo and Etisalat battle for Maroc Telecom stake
Qatari operator Ooredoo and Etisalat have both placed competitive bids for Vivendi’s 53% stake in Maroc Telecom, and are now the final bidders in the takeover battle.
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.