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UAE's Etisalat signs 3.15 bln euro loan for Maroc Telecom buy
April 28, 2014 / 5:20 AM / 3 years ago

UAE's Etisalat signs 3.15 bln euro loan for Maroc Telecom buy

DUBAI, April 28 (Reuters) - Abu Dhabi’s Etisalat has signed a two-part 3.15 billion euros ($4.36 billion) loan to help fund its acquisition of a 53 percent stake in Maroc Telecom , the Gulf telecom operator said in a bourse statement on Monday.

This loan is split between a 2.1 billion euro one-year bridge loan and a 1.05 bln three-year portion, Etisalat said.

The United Arab Emirates’ firm will utilise the funds at the closing of its purchase of the stake in Maroc Telecom from France’s Vivendi.

On Sunday, Reuters reported that an Abu Dhabi state-owned fund would finance a quarter of Etisalat’s 4.2 billion euro purchase of the Maroc Telecom stake, thereby reducing Etisalat’s contribution to 3.15 billion euros. ($1 = 0.7227 Euros) (Reporting by Matt Smith, editing by David French)

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