Etisalat to sell W.African units to Maroc Telecom for $650 mln
DUBAI May 5 (Reuters) - Etisalat has agreed to sell its operations in several West African countries to Maroc Telecom for $650 million, the United Arab Emirates operator said in a statement on Monday.
Maroc Telecom will buy Atlantique Telecom, Etisalat's wholly-owned West African subsidiary, which has mobile operations in Benin, Central African Republic, Gabon, Ivory Coast, Niger and Togo.
"The total consideration in return for Etisalat's equity in and receivables, including shareholder loans, from these seven companies amounts to $650 million," Etisalat said in the statement.
The sale is dependent on Etisalat completing a prior-agreed deal to buy Paris-listed Vivendi's 53 percent stake in Maroc Telecom. Etisalat expects that transaction to be completed by the end of May. (Reporting by Matt Smith, Editing by Sylvia Westall)
- Merkel says tightening Ukraine-Russian border is key to peace deal |
- China rejects U.S. criticism over jet encounter
- Ferguson protest march marks two weeks since police shooting |
- U.S. hostage rescuers dropped from night sky: Syria activist
- Gaza gunmen execute 'collaborators'; mortar kills Israeli boy |