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29 March 2024

Etisalat to close Vivendi deal next week

Published
By Staff

Emirates Telecommunications Corporation (Etisalat) announced today that it expects the closing of the acquisition of Vivendi’s 53 per cent shareholding in Itissalat Al Maghrib (Maroc Telecom) to be completed on May 14, 2014.

The UAE telecom major last month signed a two-part 3.15 billion euros ($4.36 billion; Dh16 billion) facility to help fund its acquisition of Maroc Telecom stake.

Etisalat, which is set to buy a majority stake in Maroc Telecom, has agreed to sell its West African business to the Moroccan firm for $650 million to tap its expertise in that region, it said last month.

The deal will enable the UAE telecom operator to offload assets that have added little to its bottom line to Maroc Telecom, whose operations in Gabon, Mali, Burkina Faso and Mauritania posted a 9.5 per cent increase in revenue last year.

Etisalat is now servicing 145 million customers in 15 countries. Etisalat shares on Wednesday closed at Dh11.35 at the Abu Dhabi Securities Exchange.