Etisalat made their interest in the majority shareholding known in January and have already seen off rival bids from KT Telecom and Qatari Ooredoo. A reported late bid from Orange never materialised.
Reuters is reporting Etisalat has entered exclusive talks with Vivendi, which values the latter’s stake at around US$5.54 billion.
The deal with Vivendi would be Etisalat’s largest acquisition to date, but it said talks are expected to last until September 25.
The United Arab Emirates-based telecoms giant already has a strong presence in Egypt where is has a 27 per cent market share, as well as a growing network in Nigeria with more than 15 million subscribers.