Exclusive talks for UAE’s Etisalat to acquire French conglomerate Vivendi’s stake in Maroc Telecom have been extended until the end of October.
The validity period for Etisalat’s €3.9bn (US$5.1bn) binding offer for the 53% stake has also been…
Exclusive talks for UAE’s Etisalat to acquire French conglomerate Vivendi’s stake in Maroc Telecom have been extended until the end of October.
The validity period for Etisalat’s €3.9bn (US$5.1bn) binding offer for the 53% stake has also been pushed back to 31 October, according to a statement.
The period of exclusivity was expected to end on 25 September and it remains unknown why that deadline has been postponed. Etisalat was not immediately available for comment.
In late July, Etisalat offered €3.9bn, or Dh92.6 per share, for a majority stake in the Moroccan incumbent. On top of the €3.9bn, the UAE telco is expected to pass on a €300m of 2012 dividend payments to Vivendi.
A month ago the conglomerate said it was looking to close the sale of its Maroc Telecom stake before the end of the year but warned there were still a number of approvals to be obtained in different countries. The Moroccan incumbent has subsidiaries in Burkina Faso, Gabon, Mali and Mauritania.
Closing of the transaction is also subject to the execution of a shareholders’ agreement with Morocco – which has a 30% stake in Maroc Telecom – and securing competition and regulatory approvals in the country.
Etisalat is advised by BNP Paribas while Vivendi hired Credit Agricole and Lazard for the stake sale. Moelis & Company is advising the Emirates Investment Authority, which has a stake in Etisalat.
