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Itissalat Al Maghrib Ste to acquire Etisalat assets in Africa


Monday, 5 May 2014 05:13am EDT 

Itissalat Al Maghrib Ste SA (Maroc Telecom):Signs agreement with Etisalat to acquire its subsidiaries located in Benin, Central African Republic, Ivory Coast, Gabon, Niger and Togo.Agreement also includes Prestige Telecom, established in Ivory Coast, providing IT services to operations of Etisalat in these countries.Transaction, for total consideration of $650 million, includes acquisition of Etisalat's majority stake in these operators, as well as shareholders loans.Realization of agreement is subject to certain number of conditions, in particular finalization of acquisition by Etisalat of Vivendi's stake in Maroc Telecom and approval from relevant authorities in countries where assets are located. 

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