Etisalat’s exclusivity period over Maroc Telecom acquisition extended to Oct. 31

Etisalat today announced that the validity period given for its binding offer – and the period of exclusivity granted to Etisalat by Vivendi – for the acquisition of Vivendi’s 53 per cent stake in Maroc Telecom has been extended until October 31, 2013.

On July 22, 2013, Etisalat made a binding offer that valued each of Maroc Telecom’s shares at MAD 92.6, amounting to consideration €3.9 billion (US$5.28 billion) for Vivendi’s 53 per cent stake in Maroc Telecom. In parallel, Vivendi formally granted Etisalat a period of exclusivity for the acquisition until September 25, 2013.

Etisalat said that the signing and closing of the transaction would be subject to a number of conditions.  They include, among others, the 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.