UAE-owned telecoms company Emirates Telecommunications Corporation (Etisalat) has crossed out the option of buying the Moroccan government’s stake in Morocco’s Maroc Telecom, should the Abu Dhabi-based group be successful in securing Vivendi’s 53%-share in the North African operator, Etisalat’s chief executive Ahmad Julfar said to reporters on the side lines of a conference in Dubai on Wednesday, Zawya reported. Although Etisalat has yet to be informed of Vivendi’s decision on the auction’s outcome, Mr Julfar is confident that Etisalat’s offer is adequate.
According to TeleGeography’s GlobalComms Database, French media and telecoms group Vivendi has confirmed the receipt of two binding offers for its 53% controlling stake in Maroc Telecom from Etisalat and Ooredoo, formerly Qatar Telecom (Qtel). Neither company has disclosed the value of their binding bids, although Etisalat has reportedly secured a USD8 billion dual-tranche loan facility to finance its bid, while separately, Ooredoo has lined up a loan of up to USD12 billion. The Kingdom of Morocco owns a 30% stake in Maroc Telecom, whilst 17% is publicly floated.