French incumbent France Telecom is in talks with Moroccan telecoms firm Meditel to buy a 40% percent stake in the company, reports Bloomberg citing a person familiar with the situation.
Local Moroccan weekly Actuel also wrote that negotiations between…
French incumbent France Telecom is in talks with Moroccan telecoms firm Meditel to buy a 40% percent stake in the company, reports Bloomberg citing a person familiar with the situation.
Local Moroccan weekly Actuel also wrote that negotiations between France Telecom and Meditel’s owners, FinanceCom and CDG, were at an advanced stage. According to the magazine, the 40% stake could be valued at as much as E650m. Speaking to TelecomFinance, a France Telecom spokesman confirmed “France Telecom’s interest in the Moroccan telecoms market”, but declined further comment.
Last June, France Telecom CEO Stéphane Richard said that the company could spend up to E7bn on African and Middle Eastern transactions in the next five years. The operator has been seeking to double its emerging markets revenue, which currently stands at about E3.3bn, or some about 7% of the group’s total revenues of E46bn. France Telecom is already present in Cameroon, Niger, Kenya and Senegal, and is looking to expand in other African as well as Middle Eastern countries.
Meditel could not be reached for comment.
