UAE’s Etisalat hopes to complete Maroc deal by end of May
Maroc Telecom has operations in Gabon, Mauritania, Burkina Faso and Mali
Etisalat expects to complete its 4.2 billion euros ($5.78bn) purchase of a controlling stake in Maroc Telecom by the end of May, a top executive at the United Arab Emirates company said on Tuesday.
In November, Etisalat agreed to buy Paris-listed Vivendi's 53 percent holding in Maroc Telecom for 3.9bn euros, plus a further 300 million euros in 2012 dividends from the Moroccan firm.
Maroc Telecom has operations in Gabon, Mauritania, Burkina Faso and Mali.
"It depends on regulatory approvals from the different countries where Maroc Telecom is operating. Based on our current estimation it will be before the end of May," Serkan Okandan,
Etisalat's chief financial officer, told Reuters by telephone, when asked when he expected the deal would be completed.
"We expect to get all the approvals before the end of May and depending on that we are expecting to close that transaction."
Etisalat reported a 70 percent jump in fourth-quarter profit on Tuesday.
Also Read
-
Vivendi agrees to sell Maroc stake to UAE’s Etisalat for $5.7bn
Vivendi has agreed terms to sell its 53 percent stake in Maroc Telecom to the UAE’s Etisalat for 4.2 billion euros ($5.67 billion), the latest ... Telecoms -
UAE’s Etisalat says talks to buy Maroc Telecom stake extended
Exclusive talks for Etisalat to buy Vivendi's 53 percent stake in Maroc Telecom have been extended to October 31, the United Arab Emirates' former ... Telecoms
