Etisalat completes acquisition of Maroc Telecom

EtimarocEtisalat has completed its purchase in Maroc Telecom from Vivendi. (Image source: Wikimedia Commons)Emirates Telecommunications Corporation (Etisalat) successfully completed the acquisition of Vivendi’s 53 per cent shareholding in Itissalat Al Maghrib (Maroc Telecom)

Etisalat has completed its purchase in Maroc Telecom from Paris-listed Vivendi for US$5.67bn, the United Arab Emirates operator said in a statement.

Etisalat has bought into Maroc Telecom through a separate legal entity, Etisalat International North Africa (EINA). Etisalat owns 91.3 per cent of EINA, with Abu Dhabi Fund for Development holding the remainder.

Maroc Telecom has shareholding in the telecoms of Mauritania, Burkina Faso, Mali and Gabon. Etisalat will start to consolidate Maroc Telecom and its subsidiaries.

In addition to the 2012 dividends, already distributed in 2013, Etisalat is also entitled to receive dividend for the year 2013 to be distributed in June this year.

“As per stock market regulations in Morocco, filing of a tender offer to acquire the remaining shares in a company is mandatory when a legal entity comes to own, directly or indirectly, more than 40 per cent of the voting rights of that company,” Etisalat said in a statement.

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