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Qatar's Ooredoo submits binding offer for Maroc Tel
April 24, 2013 / 4:12 PM / in 4 years

Qatar's Ooredoo submits binding offer for Maroc Tel

PARIS (Reuters) - Qatar-based telecom operator Ooredoo QTEL.QA said on Wednesday that it had submitted a binding offer for Vivendi’s (VIV.PA) 53 percent stake in Maroc Telecom (IAM.CS).

“The offer is fully approved and binding on Ooredoo with immediate effect,” said the state-backed operator in a statement.

”Certainty of funding has been arranged with a consortium of banks.

Ooredoo, formerly named Qtel, is bidding against UAE telco Etisalat ETEL.AD for the stake valued at 4.46 billion euros ($5.80 billion) at today’s market valuations.

Reporting by Leila Abboud

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