France Telecom has signed a memorandum of understanding to acquire 40% of Moroccan operator Medi Telecom for E640m.
Rothschild is thought to have advised local groups Caisse de Depot et de Gestion (CDG) and FinanceCom on the sale of the stake. The three…
France Telecom has signed a memorandum of understanding to acquire 40% of Moroccan operator Medi Telecom for E640m.
Rothschild is thought to have advised local groups Caisse de Depot et de Gestion (CDG) and FinanceCom on the sale of the stake. The three parties have agreed to float Meditel on the Casablanca stock exchange in the short to medium term.
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.
FT said it would consolidate the stake into its accounts by way of global integration from the fiscal year 2015.
The transaction is expected to close by the end of the year.
