Etisalat seals Maroc Telecom deal for €4.2 billion
Etisalat and Vivendi have reportedly concluded talks for the sale of Maroc Telecom to the UAE-based operator, in an all-cash deal worth €4.2 billion.
The proposed deal was first made public earlier this year, and it has now been finalised, after the struggling French media and telecoms company took the decision to sell off its non-core assets.
The proceeds will go towards decreasing its net debt, which stood at €13.4 billion last year.
Etisalat, which operates in 15 countries across the Middle East, Africa and Asia, will take control of the largest wireless carrier in Morocco, which comes as a welcome boost to the company’s investment strategy. The company abandoned talks to buy a $12 billion majority stake in Kuwait’s Zain two years ago.
The sale of Maroc Telecom has been in the offing for a while, with the Moroccan carrier representing one of many subsidiaries Vivendi has looked to divest.
It announced the sale of its majority stake in games company Activision Blizzard for $8.2 billion earlier this year, and it is expected the French company will put more focus around its Universal Music Group and Canal Plus, a TV channel.
The company is also expected to spin off French telecoms unit SFR next year.