French media group Vivendi, parent company of Maroc Telecom, is expected to close the sale of the company to UAE-based Etisalat within the next three weeks, TMT Finance reports. According to unnamed sources familiar with the matter, the two companies are currently in the process of negotiating the final terms of the deal.
As previously reported by TeleGeography’s CommsUpdate, in July 2013 Vivendi entered into exclusive negotiations with Etisalat for the sale of Morocco’s leading telco. Vivendi Universal holds 53% of Maroc Telecom via its wholly owned subsidiary Societe de Participation dans les Telecommunications. The two companies signed a definitive agreement for the sale of the controlling 53% stake in Maroc Telecom in November for EUR4.2 billion (USD5.67 billion).