Etisalat secures EUR3.15bn facility for Maroc Telecom deal

28 Apr 2014

Emirates Telecommunications Corporation (Etisalat) has announced the signing of a multi-currency club deal of EUR3.15 billion (USD4.4 billion) with a group of 17 international, regional and local banks to fund its acquisition of a 53% stake in Maroc Telecom. In November 2013 Etisalat signed a share purchase agreement with French media conglomerate Vivendi for its majority stake in Maroc Telecom, under which the UAE telco will pay EUR3.9 billion for the shares, in addition to EUR300 million in Maroc Telecom’s dividends for 2012. In a statement published on the Abu Dhabi Securities Exchange, Etisalat said the new financing consists of two facilities that can be utilised in euros and/or US dollars: the first tranche is a twelve month bridge loan totalling EUR2.1 billion, while the second is a three-year loan amounting to EUR1.05 billion. Utilisation of funds under the two facilities will take place at the closing of the transaction with Vivendi, which is expected before the end of May 2014.

United Arab Emirates, Emirates Telecommunications Corporation (Etisalat), Maroc Telecom, Vivendi,

Subscribe

Subscribe to CommsUpdate to get the day’s top telecom headlines delivered to your email.

Subscribe to CommsUpdate

Feedback

Have feedback, corrections, or story ideas? Send them to editors@commsupdate.com.

Browse Past Issues

Filter

Filter CommsUpdate by the following categories or use the search.

Search

Visit our help page information on performing advanced searches, including how to restrict the results by country or company.

Advertise

CommsUpdate is an outstanding advertising venue for companies seeking to reach:

  • International carriers
  • Wholesale service providers
  • Equipment and software vendors
  • Telecom investors
  • Regulators

Learn more about advertising on CommsUpdate.

Share