United Arab Emirates (UAE)-based mobile operator Etisalat has announced an agreement of sale for its West African subsidiary Atlantique Telecom to Maroc Telecom for US$650 million.
Atlantique Telecom operates in Benin, the Central African Republic (CAR), Gabon, Ivory Coast, Niger and Togo.
“The total consideration in return of Etisalat’s equity in and receivables, including shareholder loans, from these even companies amounts to US$650 million,” the company said in a statement.
Etisalat has beeninvolved in negotiations to buy a US$5.67 billion majority stake in Maroc Telecom since November last year, with the company expecting the deal to gothrough at the beginning of May.
HumanIPO reported last week Etisalat had taken out a US$4 billion loan in order to fund the purchase.
Image courtesy of Shutterstock.
