Etisalat’s largest acquisition yet
UAE-based telecom operator in exclusive talks.
July 23, 2013 1:24 by kippreport
Etisalat, the Gulf’s biggest telecommunications operator, has entered into exclusive negotiations with Vivendi to buy the French firm’s 53 per cent stake in Maroc Telecom for EUR4.2 billion
The UAE-based firm, which operates in roughly 15 countries across the Middle East, Asia and Africa, said on Tuesday that talks would last until September 25. If an agreement is reached, it would have to make an offer to minority shareholders who hold 17 per cent of Maroc Telecom.
A potential deal with Vivendi would be Etisalat’s largest acquisition to date.
Etisalat reported a net profit of AED1.98 billion for the second quarter of 2013, up 6 per cent from the prior-year period, it said in a separate statement on the Abu Dhabi bourse.
Maroc Telecom, in which Vivendi first bought a stake in 2001, offers fixed-line, mobile and Internet services, and is one of the main telecom operators in Africa with units in Burkina Faso, Gabon, Mali and Mauritania.