We noticed you're blocking ads.

Keep supporting great journalism by turning off your ad blocker.

Questions about why you are seeing this? Contact us

Font Size

- Aa +

Wed 14 May 2014 01:43 PM

Font Size

- Aa +

UAE's Etisalat completes $5.6bn Maroc Telecom deal

Telecom operator says its purchase of a 53% stake from Paris-listed Vivendi has been completed

UAE's Etisalat completes $5.6bn Maroc Telecom deal

Etisalat has completed its purchase of a 53 percent stake in Maroc Telecom from Paris-listed Vivendi for 4.14 billion euros ($5.67 billion), the UAE operator said in a statement on Wednesday.

Etisalat has bought into Maroc Telecom through a separate legal entity, Etisalat International North Africa (EINA). Etisalat owns 91.3 percent of EINA, with Abu Dhabi Fund for Development holding the remainder.

The latter is an Abu Dhabi government-owned institution that provides concessionary loans and grants for projects in other countries, according to its website.

Earlier this month, Etisalat said it expected to close the deal on May 14.

Arabian Business digital magazine: read the latest edition online

For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.