Orange increases stake in Moroccan operator
Orange has acquired an additional 9% in Moroccan operator Méditel, raising its total stake in the company to 49%.
The move build on an agreement established in December 2010 between the French operator and Fipar-Holding (the Moroccan Caisse de Dépôt et de Gestion group) and FinanceCom.
It will see the Méditel board become comprised of five Orange members and four members appointed by the Moroccan shareholders. The company will also become fully consolidated in the financial statements of the Orange group.
Méditel offers both fixed and mobile services, operating a fibre network of over 5,400km. This year, it is completing a network upgrade that aims to extend 3G coverage to 95% of the population.