South Korea’s KT Corporation is the latest in an international line-up of operators said to be considering bids for Vivendi’s controlling stake in Maroc Telecom.
The French media and telecoms conglomerate is expecting KT, France Telecom, Qatar’s…
South Korea’s KT Corporation is the latest in an international line-up of operators said to be considering bids for Vivendi’s controlling stake in Maroc Telecom.
The French media and telecoms conglomerate is expecting KT, France Telecom, Qatar’s Qtel and the UAE’s Etisalat to submit preliminary offers for its 53% stake in the Moroccan incumbent by the end of next week, Reuters reported citing two sources familiar with the situation.
According to the report, Vivendi hopes to raise about €5.5bn (US$7.15bn) from the sale.
Vivendi declined to comment and KT and Maroc Telecom were not immediately available for comment.
Spun off from the communications ministry in 1981, KT’s stock is now listed in Korea, London and New York. The company offered to buy a 20% stake in South Africa’s Telkom for US$345m earlier this year, however the government rejected it, describing Telkom as a strategic asset.
Qtel confirmed to TelecomFinance last month that it is interested in Maroc Telecom and, earlier this month, it reportedly mandated JP Morgan to advise on a potential bid.
Meanwhile, France Telecom CEO Stephane Richard told a local newspaper that acquiring Vivendi’s stake in the Moroccan telco, which has units in several African nations, would be “strategically interesting”. He also said his company is continuing to seek out opportunities in Africa and the Middle East, although he noted that it has limited funds for acquisitions at present.
Etisalat CEO Ahmad Julfar was quoted last week as saying his company has yet to decide whether to bid.
Vivendi is exploring the sale of several assets as part of a broader strategy to improve its balance sheet.
