The Moroccan government wants UAE’s Etisalat to find a local partner as a requirement for its potential acquisition of a 53% stake in Maroc Telecom, according to Reuters citing three people familiar with the matter.
Although French media conglomerate…
The Moroccan government wants UAE’s Etisalat to find a local partner as a requirement for its potential acquisition of a 53% stake in Maroc Telecom, according to Reuters citing three people familiar with the matter.
Although French media conglomerate Vivendi controls Maroc Telecom, the government, which owns 30% of the Moroccan operator, also needs to approve the buyer.
With this requirement, Morocco is reportedly looking to ensure that the new owner of the country’s largest employer will invest heavily in telecoms infrastructure.
The deal might get delayed as a result but is unlikely to fall apart, according to the report, which added that Etisalat is not opposed to the idea of having a local partner.
The UAE operator was not immediately available for comment.
Morocco’s Caisse de Depot et de Gestion (CDG), a local financial institution, has been tipped as a potential local partner.
The local partner is unlikely to buy part of Vivendi’s 53% stake, the sources said. Instead, it could acquire part of the government’s 30% interest or the 17% currently listed.
Etisalat is the only bidder left in the race to purchase the telco after both Qatar’s Ooredoo and South Korean KT Corp decided to withdraw their offers.
A few weeks ago, it was reported that Vivendi was urging France Telecom Orange to make an offer for the Moroccan operator in order to revive the competition.
The stake sale is part of the French conglomerate’s comprehensive strategic review of its telecoms units last year, as it seeks to focus primarily on its media operations. Vivendi is reportedly looking to raise around €5.5bn (US$7.4bn) from the sale of its shares in Maroc Telecom, which currently has a €8bn (US$10.7bn) market capitalisation.
