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Tuesday, Sep 17th

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Etisalat successfully acquires Morocco’s Maroc Telecom

Etisalat successfully acquires Morocco’s Maroc Telecom.

United Arab Emirates (UAE) telecoms firm Etisalat has successfully completed the acquisition of Vivendi’s 53% stake in Moroccan telecom firm Maroc after months of negotiations.

Etisalat, which is listed on the Abu Dhabi Securities Exchange, has confirmed the acquisition in a public notice from its chief financial officer Serkan Okandan to the UAE-based bourse’s director general on Tuesday.

“The final consideration amounted to Euro 4,138 million and Etisalat will start to consolidated Maroc Telecom and its subsidiaries effective from May 2014,” reads the note.

The notice goes on to further say that “in addition to the 2012 dividends (MAD 74 per share) already distributed in 2013, Etisalat is also entitled to receive MAD 6.0 per share dividend for the year 2013 to be distributed by Maroc Telecom in June 2014.”

“The total amount of dividend pay-outs to the acquired shares for the years 2012 and 2013 is MAD 6.2 billion (equivalent to Euro 555 million) out of which MAD 5.7 billion (equivalent to Euro 507 million) is to Etisalat,” adds the note.

Etisalat entered exclusive talks in July 2013 with Paris headquartered media company Vivendi to buy the 53% stake in Maroc.

Maroc Telecom is Morocco’s largest mobile operator with just over 18 million subscribers.

Maroc; though, also has operations in Burkina Faso, Gabon, Mali and Mauritania. Etisalat, meanwhile, adds Morocco to its African operations, which include a presence in Egypt and Nigeria.

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