Morocco’s Minister of Foreign Affairs, Saadeddine Othmani, has announced that UAE-based telecoms group Etisalat’s long awaited acquisition of Maroc Telecom, a subsidiary of French media conglomerate Vivendi, will be finalised in one or two months, Reuters reports. However, the government official did not provide any further details on the deal.
As previously reported by TeleGeography’s CommsUpdate, in July 2013 Vivendi entered into exclusive negotiations with Etisalat for the sale of the controlling stake in Morocco’s leading telco, valued at EUR4.2 billion (USD5.54 billion) at the time. Vivendi Universal holds 53% of Maroc Telecom via its wholly owned subsidiary Societe de Participation dans les Telecommunications. Meanwhile, 30% of the company is owned by the local government and the remainder of the shares are floated on the local bourse.