UAE’s Etisalat completes $5.7bn Maroc stake buy from Vivendi

The UAE-based Etisalat has about 145 million subscribers across 15 countries in the Middle East, Africa and Asia. (File photo: Shutterstock)

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 United Arab Emirates 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.

Last Update: Wednesday, 20 May 2020 KSA 09:43 - GMT 06:43