French media and telecoms group Vivendi has confirmed the receipt of two binding offers for its controlling 53% stake in Morocco’s Maroc Telecom, after both Emirates Telecommunications Corporation (Etisalat) and Ooredoo, formerly Qatar Telecom (Qtel), released statements confirming they had submitted bids for the North African company. The French conglomerate is expected to examine the tenders and choose the preferred bidder for exclusive negotiations early next week, as reported by Reuters. The eventual winner must also fund a buyout to minority shareholders; the total purchase price is currently estimated at EUR4.46 billion (USD5.80 billion). However, Since Maroc Telecom is 30% owned by the state, the Moroccan government will have the final say in Vivendi’s eventual choice of acquirer.
According to TeleGeography’s GlobalComms Database, Abu Dhabi state-owned telecoms company Etisalat has already secured a USD8 billion dual-tranche loan facility to finance its bid for the acquisition of Maroc Telecom, while separately, Ooredoo has lined up a loan of up to USD12 billion.