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.

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