FT acquires 40 per cent of Meditel and wants more

France Telecom has entered a deal purchase 40 per cent of Moroccan telecom operator Meditel for €640 million (US$840 million). France Telecom CEO Stephane Richard said he planned to increase the group’s holding in Meditel to 49 percent within the next five years.

France Telecom aims to double revenue in emerging markets by 2015, largely through acquisitions worth between €5 billion – €7 billion.

Its acquisition of the Meditel stake puts it in competition with Vivendi, which is majority owner of Morocco’s former telecom monopoly Maroc Telecom. Maroc Telecom has a market share of about 50 per cent and Meditel 30 per cent, with the remainder held by third player Wana Corporate.

“We plan to add five per cent (to our stake in Meditel) in 2011 and then increase our holding in the company to 49 per cent by 2015,” Richard said.

“One of the plans for Meditel is to be listed on the (Casablanca) bourse in 2011. The details of this plan depend on the Moroccan shareholders,” he said.

Meditel has been looking for a major foreign investor since last year when two large shareholders, Spain’s Telefonica and Portugal Telecom sold their stakes of 32.2 per cent each.

Their shareholdings were bought by Moroccan private group FinanceCom and CDG for US$1.15 billion in September.