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
By Reuters
Wed 14 May 2014 01:43 PM

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.

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