Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Etisalat gears up to close Vivendi acquisition  Join our daily free Newsletter

MENAFN - Khaleej Times - 09/05/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Khaleej Times) Emirates telecommunication corporation or etisalat is set to close the acquisition of 53 per cent shares from france?s vivendi in maroc telecom on may 14.

the take over deal will cost5.8 billion.etisalat which serves 145 million subscribersin 15 countries of asia africa and the middle east in a move towards consolidating its operations in africa agreed to sell its west african assets to maroc telecom. the deal valued at 650 million includes units west african countries of benin central african republic gabon ivory coast niger and togo. “these operations provide both mobile and data services and operate under moov brand” the telecom provider said in a regulatory filing to the abu dhabi securities exchange.

in november etisalat agreed to acquire vivendi’s 53 per cent stake in maroc telecom in the middle east’s largest takeover of a phone carrier. putting the west african assets under maroc telecom would extend its reach beyond morocco mauritania burkina faso mali and gabon.

“it really makes sense they’re doing this” said sanyalaksna manibhandu an analyst at nbad securities in abu dhabi. “it’s a move to consolidate control of their west african assets as they obviously think maroc telecom can manage them better out of casablanca better than they can out of the uae.” the deal is subject to the completion of the maroc telecom acquisition etisalat said. etisalat last month signed a 4.4 billion deal with 17 banks to fund the acquisition of the maroc telecom stake. “the transaction will be completed at the end of this month“ according to etisalat’s chief financial officer serkan okandan.

closing of the deal is subject to a number of conditions precedent including among others the closing of the acquisition by etisalat of vivendi’s 53 per cent shareholding in maroc telecom and securing competition and regulatory approvals in the six west african nations. vivendi said at the time that the agreement was final although it was subject to some conditions notably approval from regulatory authorities in countries where maroc telecom operates.

the government owns 30 per cent of maroc telecom with the remaining 17 percent the company’s free float. former monopoly maroc telecom whose annual profit fell 17 per cent to 682.78 million last year also has operations in gabon mauritania burkina faso and mali. in africa etisalat’s revenue declined one per cent to dh700 million in the first quarter because of intensifying competition in the ivory coast and currency devaluation in sudan it said in its financial statements in april.

the sale of the west africa assets also includes prestige telecom in the ivory coast which provides it services to the operations of etisalat in these countries etisalat said in its statement. for paris-based vivendi selling its telecommunications assets is a key part of its plan to transform into a new entity built around music pay-tv european cinema and internet in brazil. vivendi last month agreed to sell its french phone unit sfr to cable billionaire patrick drahi’s altice sa in a 23 billion transaction.

— haseeb?khaleejtimes.com


 






  MENA News Headlines
 Jul 28 2014 - Muslims mark sombre Eid in bloodied GazaAFP
(MENAFN - AFP) The end of a month of fasting was supposed to be a time to celebrate for Abeer Shamali. But instead, she spent the Muslim Eid feast at the grave of her teenage son. Fellow mourners ...

 Jul 28 2014 - Radiant During RamadanMuscat Daily
(MENAFN - Muscat Daily) Keep your skin and hair glowing and shiny even as you're fasting in this holy month. Some tips... Moisturise Your skin too gets dehydrated when you fast. It is ...

 Jul 28 2014 - Cream of the CropMuscat Daily
(MENAFN - Muscat Daily) Mahmood Said Humaid al Shibli glances at the wall clock. It's 11am with change, and only two hours to ''go to plate''.  There's crepes to layer, oranges to slice and ...

 Jul 28 2014 - Coaches satisfied with Mansoor's performance at youth sailing worldsMuscat Daily
(MENAFN - Muscat Daily) Despite young Mansoor al Mahrooqi's last-place finish in a field of 57 sailors in the Laser Radial class at the ISAF Youth Sailing World Championship held recently, Oman ...

 Jul 28 2014 - ORT set for Belgian challengeMuscat Daily
(MENAFN - Muscat Daily) Oman Racing Team (ORT), led by Muscat-based racer Ahmad al Harthy, has managed just 12 points over the past three rounds of the 2014 Blancpain Endurance Series. Despite ...

 Jul 28 2014 - Alizz islamic bank reports RO2.6mn lossMuscat Daily
(MENAFN - Muscat Daily) Alizz islamic bank has reported a loss of RO2.6mn for the period ended June 30, 2014 which the bank said, in a disclosure to the Muscat Securities Market, "is in line ...

 Jul 28 2014 - Duqm Airport takes offMuscat Daily
(MENAFN - Muscat Daily) The newly opened Duqm Airport received its first Oman Air flight ahead of schedule on Wednesday with officials saying that the facility will serve as an air transport and ...

 Jul 28 2014 - All you want to know about Oman - on a busMuscat Daily
(MENAFN - Muscat Daily) Highlighting the leadership of His Majesty Sultan Qaboos bin Said, the National Centre for Statistics and Information (NCSI) has launched a new initiative that will see public ...

 Jul 28 2014 - Air fares rise by 35 as travellers rush to make the most of long breakMuscat Daily
(MENAFN - Muscat Daily) Fares of most airlines have gone up due to the increase in demand during Eid al Fitr holidays. The prices of tickets to different destinations have gone up by nearly 35 per ...

 Jul 28 2014 - MoHC invites bid for construction of $250mn Oman Cultural ComplexMuscat Daily
(MENAFN - Muscat Daily) After announcing the appointment of the UK-based international consultancy and construction company, Mace as project manager for the Oman Cultural Complex (OCC), the Ministry ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help