Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Etisalat gears up to close Vivendi acquisition  Join our daily free Newsletter

MENAFN - Khaleej Times - 09/05/2014
No. of Ratings : 0
Add to Mixx!


(MENAFN - Khaleej Times) Emirates telecommunication corporation or etisalat is set to close the acquisition of 53 per cent shares from france?s vivendi in maroc telecom on may 14.

the take over deal will cost5.8 billion.etisalat which serves 145 million subscribersin 15 countries of asia africa and the middle east in a move towards consolidating its operations in africa agreed to sell its west african assets to maroc telecom. the deal valued at 650 million includes units west african countries of benin central african republic gabon ivory coast niger and togo. “these operations provide both mobile and data services and operate under moov brand” the telecom provider said in a regulatory filing to the abu dhabi securities exchange.

in november etisalat agreed to acquire vivendi’s 53 per cent stake in maroc telecom in the middle east’s largest takeover of a phone carrier. putting the west african assets under maroc telecom would extend its reach beyond morocco mauritania burkina faso mali and gabon.

“it really makes sense they’re doing this” said sanyalaksna manibhandu an analyst at nbad securities in abu dhabi. “it’s a move to consolidate control of their west african assets as they obviously think maroc telecom can manage them better out of casablanca better than they can out of the uae.” the deal is subject to the completion of the maroc telecom acquisition etisalat said. etisalat last month signed a 4.4 billion deal with 17 banks to fund the acquisition of the maroc telecom stake. “the transaction will be completed at the nd of this month“ according to etisalat’s chief financial officer serkan okandan.

closing of the deal is subject to a number of conditions precedent including among others the closing of the acquisition by etisalat of vivendi’s 53 per cent shareholding in maroc telecom and securing competition and regulatory approvals in the six west african nations. vivendi said at the time that the agreement was final although it was subject to some conditions notably approval from regulatory authorities in countries where maroc telecom operates.

the government owns 30 per cent of maroc telecom with the remaining 17 percent the company’s free float. former monopoly maroc telecom whose annual profit fell 17 per cent to 682.78 million last year also has operations in gabon mauritania burkina faso and mali. in africa etisalat’s revenue declined one per cent to dh700 million in the first quarter because of intensifying competition in the ivory coast and currency devaluation in sudan it said in its financial statements in april.

the sale of the west africa assets also includes prestige telecom in the ivory coast which provides it services to the operations of etisalat in these countries etisalat said in its statement. for paris-based vivendi selling its telecommunications assets is a key part of its plan to transform into a new entity built around music pay-tv european cinema and internet in brazil. vivendi last month agreed to sell its french phone unit sfr to cable billionaire patrick drahi’s altice sa in a 23 billion transaction.

— haseeb?khaleejtimes.com


 


Khaleej Times




  MENA News Headlines
 Mar 26 2017 - Morocco- Othmani To Give Press Conference About Government FormationMorocco World News
(MENAFN - Morocco World News) Casablanca- Morocco's Appointed Head of Government, Saad Eddine Othmani, is set to give a press conference on Saturday 25 at 8:30 to inform the public about the latest ...

 Mar 26 2017 - Morocco- Saad Eddine Othmani Announces end of Deadlock, Formation of GovernmentMorocco World News
(MENAFN - Morocco World News) Rabat – Morocco's newly appointed Head of Government, Saad Eddine Othmani announced on Saturday evening the end of the five-long deadlock and the formation of the new ...

 Mar 26 2017 - US-led coalition opens probe into fatal Mosul airstrikeThe Peninsula
(MENAFN - The Peninsula) WASHINGTON: The U.S.-led anti-IS coalition confirmed Friday it has opened a formal investigation into "multiple allegations" that a U.S. airstrike allegedly ...

 Mar 26 2017 - Syrian opposition 'committed to political solution'The Peninsula
(MENAFN - The Peninsula) GENEVA: The head of the Syrian opposition delegation at peace talks in Geneva stressed their commitment to a "political solution" on Friday. UN Special Envoy ...

 Mar 26 2017 - US' top diplomat to visit Turkey March 30The Peninsula
(MENAFN - The Peninsula) WASHINGTON: Secretary of State Rex Tillerson will be in Turkey on March 30 to meet senior Turkish officials, including President Recep Tayyip Erdogan, the U.S. confirmed ...

 Mar 26 2017 - Hamas official shot dead in Gaza StripThe Peninsula
(MENAFN - The Peninsula) GAZA CITY, Palestine: Hamas official Mazen Faqha was assassinated late Friday in the Israeli-blockaded Gaza Strip, the Hamas-run Interior Ministry in Gaza said. 'Faqha ...

 Mar 26 2017 - Turkish forces kill 6 PKK terrorists in northern IraqThe Peninsula
(MENAFN - The Peninsula) ANKARA: Six PKK terrorists were killed during a Turkish military operation in northern Iraq, Turkish Armed Forces said in a statement on Saturday. The military said ...

 Mar 26 2017 - Syrian regime airstrike kills 17 east of DamascusThe Peninsula
(MENAFN - The Peninsula) DAMASCUS, Syria: At least 17 civilians including women and children were killed Saturday in a Syrian regime airstrike east of the capital Damascus, according to a ...

 Mar 26 2017 - Iraqi military says 61 bodies pulled from collapsed Mosul siteThe Peninsula
(MENAFN - The Peninsula) BAGHDAD: Iraqi's military said on Sunday 61 bodies had been recovered from a collapsed building that was boobytrapped by Islamic State in Western Mosul, but there was no ...

 Mar 26 2017 - Iraq probes reports of civilian deaths in Mosul: officerThe Peninsula
(MENAFN - The Peninsula) Baghdad:Iraq is investigating air strikes in west Mosul that reportedly killed large numbers of civilians in recent days, a military spokesman said on Sunday. Iraqi ...

more...


 





Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Search News
Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help