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Tuesday, Nov 5
Vivendi sells 53% stake in Maroc Telecom for €4.2B to Etisalat
- Vivendi (VIVEF) sells its 53% stake in Maroc Telecom (MAOTF) to UAE's Etisalat for €4.2B ($5.7B) in cash. The companies intend to close the deal by the beginning of 2014.
- Negotiations began in April, with Etisalat becoming the only potential buyer after Qatar's Ooredoo withdrew from bidding in June. The Moroccan state holds a 30% stake in Etisalat and wanted to ensure that the new owner would invest in mobile infrastructure.
- The divestment builds on an overarching strategy of Vivendi to focus on its media and content businesses.