Qatar’s Ooredoo, formerly Qatar Telecom, has reportedly stepped up its bid for the majority stake in Maroc Telecom by approaching 10 banks for support.
HumanIPO reported yesterday (Thursday) South Korean operator KT Corp had dropped out of the race because they could not reach a valuation agreement with Vivendi on the value of their 53 per cent stake in the Moroccan telecommunications company.
Reuters has reported Ooredoo has secured a loan of up to US$12 billion from 10 banks. The group included JP Morgan, Qatar National Bank and Barclays.
United Arab Emirates-based Etisalat revealed in February they were in talks with banks in order to secure the required capital to make their own bid.
Maroc Telecom is 30 per cent owned by the Moroccan government and is the country’s largest mobile operator. It also has assets in Mali, Burkina Faso, Gabon and Mauritania.
It is thought US$6 billion is the market value of the Vivendi stake, but funds for a buyout option of minority shareholders must also be included.
