France Telecom finalised the acquisition of a 40% stake in Moroccan operator Meditel for E640m after receiving all necessary approvals. The French company said that this share would be consolidated into its accounts from December 2 via the equity method,…
France Telecom finalised the acquisition of a 40% stake in Moroccan operator Meditel for E640m after receiving all necessary approvals.
The French company said that this share would be consolidated into its accounts from December 2 via the equity method, but that it would increase its stake to 49% on January 1, 2015 when it will fully consolidate Meditel into its accounts.
The sellers, local groups Caisse de Depot et de Gestion (CDG) and FinanceCom, and France Telecom have agreed to float Meditel on the Casablanca stock exchange in the short to medium term.
France Telecom used Leonardo and Oddo & Cie as financial advisers, while White & Case and Kettani law firm provided legal advice. Medi Telecom used Rothschild as a financial adviser. FinanceCom hired Gide Loyrette Nouel as legal adviser, while Fipar Holding (CDG group) used Norton Rose.
Meditel is the second largest operator in Morocco behind Maroc Telecom, which is owned by another French company, Vivendi.
The company, which holds fixed, mobile and 3G licences, has 10 million subscribers, representing a 37% share of the market. It posted Dh5.3bn (E465m) sales in 2009 with 40% EBITDA margin and around Dh1.4bn (E131m) operational cashflow.
