UAE telco Etisalat has reportedly mandated BNP Paribas and Morocco’s Attijariwafa Bank as financial advisers on a potential acquisition of Vivendi’s 53% stake in Maroc Telecom.
Etisalat chose BNP Paribas over other global banks which pitched for the…
UAE telco Etisalat has reportedly mandated BNP Paribas and Morocco’s Attijariwafa Bank as financial advisers on a potential acquisition of Vivendi’s 53% stake in Maroc Telecom.
Etisalat chose BNP Paribas over other global banks which pitched for the mandate due to its strong presence in North Africa and ability to raise financing for large deals, according to a source cited by Reuters.
A Dubai-based banking source quoted in the article commented that the transaction had the potential to become the largest deal in the MENA region this year. He noted that the ability to organise the financing was crucial for those type of transactions.
Etisalat, which submitted an expression of interest in the Moroccan incumbent in January, is also understood to be in talks with banks to finance a syndicated loan of up to US$8bn if the bid is successful.
The French media and telecoms group’s controlling stake in Maroc Telecom has attracted interest from a number of telcos across the globe, several of which are said to be seeking financing to fund their bids.
Earlier this month, South Korean telco KT Corp was said to have mandated Citigroup, Credit Suisse and Societe Generale to advise on and finance the deal if it came to fruition.
While KT Corp has confirmed it is interested in a Moroccan telco, it has not specified the target.
France Telecom Orange and Qatar’s Qtel are also said to be interested in the stake, expected to be sold for about €5.5bn (US$7.4bn).
Etisalat, BNP Paribas and Attijariwafa Bank did not respond to requests for comment.
