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Etisalat talks to buy Vivendi's Maroc Tel stake extended to Oct 31
September 29, 2013 / 6:10 AM / 4 years ago

Etisalat talks to buy Vivendi's Maroc Tel stake extended to Oct 31

DUBAI, Sept 29 (Reuters) - Exclusive talks for Etisalat to buy Vivendi’s 53 percent stake in Maroc Telecom have been extended to Oct. 31, the United Arab Emirates’ former telecom monopoly said on Sunday.

Vivendi in July entered into exclusive negotiations with Etisalat - the UAE’s No.1 telecom operator - to sell its majority holding stake in Maroc Telecom for 3.9 billion euros ($5.28 billion) in cash.

The previous deadline for these exclusive talks to end was Sept. 25, but have now been extended to Oct. 31, according to an Etisalat statement. The statement did not say why talks were extended or at which party’s behest.

Morocco’s government owns 30 percent of Maroc Telecom, with the remaining 17 percent publicly traded.

On Sept. 11, Morocco’s Minister Saadeddine Othmani told reporters that “We have agreed on all main terms and a deal may be finalised in one to two months”.

Etisalat’s statement on Sunday struck a more cautious tone, saying a final agreement was subject to “execution of a shareholders’ agreement with the Kingdom of Morocco regarding Maroc Telecom, and securing competition and regulatory approvals in Morocco in addition to certain other jurisdictions in Maroc Telecom’s footprint”.

Maroc Telecom offers fixed-line, mobile and Internet services in the kingdom and is one of Africa’s biggest telecom firms, with units in Burkina Faso, Gabon, Mali and Mauritania.

Vivendi’s planned Maroc Telecom sale is a step in the conglomerate’s attempt to remake itself as a media-focused company. ($1 = 0.7385 euros) (Reporting by Matt Smith; Editing by Dinesh Nair)

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