Etisalat mulls bid for stake in Maroc Telecom
UAE based operator group Etisalat has confirmed that it has submitted a preliminary expression of interest to acquire French conglomerate Vivendi’s 53 per cent shareholding in Maroc Telecom, as it looks to expand its geographic footprint.
Maroc Telecom, a publicly listed company on both the Casablanca and Euronext Paris Stock Exchanges, is Morocco’s market leading operator with over 17.4 million subscribers in Morocco, according to Informa’s WCIS. It also has international operations in four West African countries.
Etisalat is not alone in its interest in the Moroccan operator, with France Telecom, Qatari operator Qtel and South Korea’s KT Corp also mulling over bids to acquire the majority stake.
Etisalat said that it would proceed further with the transaction, subject to a number of conditions including satisfactory completion of due diligence.
“Etisalat’s interest in Maroc Telecom is consistent with our stated strategy of selective expansion in our core MENA markets and would complement our existing operations in Sub-Saharan Africa,” the operator said in a statement.