The Emirati telecommunications operator Etisalat has announced an increase from 48.4% to 53% of its stake in the Maroc Telecom group, through the signing of an agreement with the Abu Dhabi Development Fund, with a view to acquire its shares for Etisalat Investment Company in North Africa. That of the Etisalat group is thus raised to 100%, for an acquisition cost of $ 505 million. The group specified that this value is “likely to change according to the market conditions prevailing before the completion of the transaction, such as the exchange rate”. The operation will be financed by bank loans.
For Etisalat, the acquisition will have a positive impact on financial results, thanks to the “decline in minority interests in the group’s consolidated results” and the possibility, moreover, of “increasing Maroc Telecom’s future dividends”. During the first half of the current year, Maroc Telecom recorded a consolidated turnover of 17,780 million dirhams, a decrease of 3%.
The Etisalat group acquired a stake in Maroc Telecom in 2013, through the acquisition of majority shares in Vivendi, under an agreement with the Abu Dhabi Fund for Development. In May 2014, this transaction enabled the sale to Maroc Telecom of the Etisalat subsidiaries in Benin, Ivory Coast, Gabon, Niger, Central African Republic and Togo.