Etisalat announced today that it has submitted a Binding Offer to acquire Vivendi’s total stake in Maroc Telecom representing approximately 53% of the capital and voting rights…
Etisalat announced today that it has submitted a Binding Offer to acquire Vivendi’s total stake in Maroc Telecom representing approximately 53% of the capital and voting rights. In January 2013, Etisalat submitted an Expression of Interest followed by a due diligence of the target’s assets that was completed before making a decision to submit a Binding Offer.
Market regulations in Morocco will require Etisalat to make a mandatory tender offer to the minority shareholders, and consequently Etisalat may end up acquiring more than the 53% stake offered by Vivendi.
Maroc Telecom is a publicly listed company on both Casablanca and Euronext – Paris stock exchanges. It is the leading telecom operator in the country having controlling stakes in 4 other telecom operators in West Africa. Etisalat firmly believes that Maroc Telecom fits within its international expansion strategy and would complement its existing West African portfolio.
A further announcement will be made when and if appropriate
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