Maroc Telecom has completed its €474m (US$536.3m) acquisition of Atlantique Telecom, which operates under the Moov brand, from the UAE’s Etisalat.
The Moroccan incumbent said in a statement today that the deal value corresponds to the purchase price…
Maroc Telecom has completed its €474m (US$536.3m) acquisition of Atlantique Telecom, which operates under the Moov brand, from the UAE’s Etisalat.
The Moroccan incumbent said in a statement today that the deal value corresponds to the purchase price for Etisalat’s equity holding in Atlantique Telecom, as well as shareholder loans.
The acquisition includes operations in six central and western African countries: Benin, Cote d’Ivoire, Gabon, Niger, Central African Republic and Togo. It also involves Prestige Telecom, which provides IT services on Etisalat’s behalf in these countries.
Abdeslam Ahizoune, chairman of the Rabat-based telco, said the closure “marks an important milestone in the development of the Maroc Telecom group and consolidates its strategic position as a major telecom player in Africa, with a presence in 10 countries with high growth potential”.
Cote d’Ivoire’s ministry of information and communication and Gabon’s government approved the deal early this month.
Etisalat announced last May that it would sell the six assets, which provide both mobile voice and data services, to Maroc Telecom shortly after closing its purchase of a 53% stake in the Moroccan incumbent for €4.2bn.
Etisalat did not disclose the rationale behind the subsequent Atlantique Telecom deal but an analyst suggested at the time that its decision had been motivated by Maroc Telecom’s success with its own subsidiaries in the region – Burkina Faso, Gabon, Mali and Mauritania.
