United Arab Emirates (UAE)-based mobile operator Etisalat has successfully acquired a majority shareholding in Morocco’s Maroc Telecom after receiving regulatory approval.
The company purchased a 53 per cent controlling stake from French telecom Vivendi for US$5.7 billion.
HumanIPO reported in November Etisalat had agreed to buy the stake, with the company saying in April it wasexpecting the purchase to go through this month after it applied for a US$4 billion loan facility to fund the buyout.
The final announcement was made of the Abu Dhabi Securities Exchange today.
The acquisition was made by Etisalat International North Africa (EINA), in which Etisalat has a 91 per cent stake.
“As per stock market regulations in Morocco, filing of a tender offer to acquire the remaining shares at a company is mandatory when a legal entity comes to own, directly or indirectly, more than 40 per cent of the voting rights of a company,” the company said.
“As a result, Etisalat will make an initial filing of the tender offer documentation with the Moroccan Capital Market Authority within the prescribed time period.”
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