UAE-based Emirates Telecommunications Corporation (Etisalat) has completed the acquisition of French media group Vivendi’s 53% shareholding in Maroc Telecom, via its indirect subsidiary Etisalat International North Africa (EINA), for a final consideration of EUR4.138 billion (USD5.675 billion). Etisalat holds 91.3% of EINA’s capital, while the Abu Dhabi Fund for Development owns the remaining 8.7% stake. The consolidation of Maroc Telecom and its subsidiaries will start in earnest this month.
As per Moroccan stock market regulations, a company must file a tender offer to obtain the remaining shares in a company when a legal entity acquires more than 40% of the voting rights. As such, Etisalat notes that it will file its tender offer documentation with the Moroccan Capital Market Authority within the prescribed time period.
In addition to the 2012 dividends (MAD7.4 [USD0.9] per share) already distributed in 2013, Etisalat is also entitled to receive a MAD6.0 per share dividend for the 2013, which will be distributed by Maroc Telecom in June 2014. The total amount of dividend pay-outs for 2012 and 2013 amounts to MAD6.2 billion; Etisalat is now in line to receive MAD5.7 billion of the total.