French conglomerate Vivendi has said it expects to close the €4.2bn sale of Maroc Telecom to Etisalat before the end of the year.
However, the Paris-headquartered company warned in its Q2 release that there were still a number of approvals it had to…
French conglomerate Vivendi has said it expects to close the €4.2bn sale of Maroc Telecom to Etisalat before the end of the year.
However, the Paris-headquartered company warned in its Q2 release that there were still a number of approvals it had to obtain in different countries.
The Moroccan incumbent has subsidiaries in Burkina Faso, Gabon, Mali and Mauritania.
Vivendi and Etisalat entered into exclusive talks regarding the French group’s 53% stake last month.
The period of exclusivity ends on 25 September, after which the transaction will then be subject to a number of conditions, including the execution of a shareholders’ agreement with Morocco – which has a 30% stake in Maroc Telecom – and securing other regulatory approvals.
Etisalat will be required to make a mandatory tender offer to the remaining shareholders in Maroc Telecom, which has a 17% free float.
Etisalat has already secured commitment from a syndicate of local and international banks to fund the acquisition. It is understood that the operator agreed a US$8bn dual-tranche loan facility in April.
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.
