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UAE’s telecom operator Etisalat has signed a two-part US$4.36bn loan to acquire a 53 per cent stake in Morocco’s Maroc Telecom
The North African government will own 30 per cent of Maroc Telecom, while the remaining 17 per cent of the company would free float.
According to Reuters, this loan is split between a US$2.91bn one-year bridge and a US$1.45bn three-year portion.
Etisalat will buy the stakes from France’s Vivendi, the company said.
Morocco’s takeover rules requires that Etisalat makes a buyout offer for Maroc Telecom’s minority shareholders.