Qatar’s biggest telco Ooredoo, formerly Qatar Telecom (Qtel), has lined up a loan of up to USD12 billion to support its bid for Vivendi’s stake in Morocco’s Maroc Telecom. The Qatar National Bank is administering the finance package provided by ten banks- JP Morgan, Qatar National Bank, Morgan Stanley and HSBC, as well as Barclays, Deutsche Bank, Royal Bank of Scotland, Bank of Tokyo Mitsubishi UFJ, Development Bank of Singapore and Citigroup.
According to TeleGeography’s GlobalComms Database, the French media group Vivendi is planning to sell its 53% share in Morocco’s biggest telecoms group, valued at around USD6 billion, in order to finance incurred debts. One of the requirements for potential bidders is to show they can acquire enough cash to cover the USD6 billion market value of the stake and to offer buyout options to minority shareholders, although Ooredoo’s finance package also includes funds to buy the Moroccan government‘s 30% stake in the telco. The Qatari company is battling with the United Arab Emirates’ Etisalat, after South Korea’s KT Corp dropped out of the race, and needs to submit a binding bid by 22 April 2013. Etisalat is set to sign an USD8 billion loan facility next week with as many as 16 banks to help fund its stake bid.