Etisalat closes on 53% stake in Maroc Telecom valued at US$5.27 billion

Etisalat today said it has signed with Vivendi a share purchase agreement for the acquisition of Vivendi’s 53 per cent stake in Itissalat Al Maghrib (Maroc Telecom).

Etisalat made a binding offer that valued each Maroc Telecom share at MAD92.6 (US$11.16), amounting to a consideration of €3.9 billion (US$5.27 billion) for Vivendi’s 53 per cent stake in Maroc Telecom. The consideration does not include the dividend received by Vivendi from Maroc Telecom in respect of the 2012 financial year, equivalent to MAD7.40 per share, which will also be for the benefit of Etisalat. At closing, Etisalat will pay Vivendi the cash value of such 2012 dividend of €300 million.

Closing of the acquisition of Vivendi’s stake in Maroc Telecom by Etisalat is subject to a number of conditions. These include, among others, the execution of a shareholders’ agreement with the Morocco government regarding Maroc Telecom, securing competition and regulatory approvals in Morocco, and certain other relevant jurisdictions in Maroc Telecom’s footprint.