Maroc Telecom Buys 6 Etisalat Africa Subsidiaries for 474 Million Euros
Maroc Telecom has completed the acquisition of six of Etisalat’s West African businesses for a total fee of €474 million.
The Moroccan company has now taken over operations in Benin, Ivory Coast, Gabon, Niger, Central African Republic and Togo, the deal also including Prestige Telecom, an Ivory Coast-based IT services provider.
Etisalat is the new parent company of Maroc Telecom after acquiring Vivendi’s 53 percent stake, a deal which permitted this recent transaction of companies. A deal that was initially announced in May of last year.
READ OUR LATEST MAGAZINE ISSUE: January 2015
In a statement, Maroc Telecom chairman Abdeslam Ahizoune said: "Finalising this acquisition marks an important milestone in the development of the Maroc Telecom group, and consolidates its strategic position as a major telecom player in Africa, with a presence in 10 countries with high growth potential."
The Morrocan government also has interest in Maroc Telecom, holding a 30 percent stake. Etisalat abandoned moves to capture the remaining shares after completing the deal with Vivendi.
Follow us on Twitter @BizReviewEurope and check out our Facebook page.
Featured Articles
SAP has announced it has appointed a new President for a newly-created EMEA region, aiming to make the most of the opportunities of cloud and AI technology
Technology giant SAP has expanded its portfolio with the acquisition of LeanIX, a leader in enterprise architecture management (EAM) software
To help businesses achieve increased productivity, Siemens and Microsoft are deepening their partnership by showcasing the benefits of generative AI