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 26 2014 - TAQA quits USD1.6b power plant deal with IndiaMENAFN
(MENAFN) Abu Dhabi National Energy (TAQA) backs off of a USD1.6 billion deal to buy two hydroelectric power plants from Indian Jaiprakash Power Ventures, Gulf Daily News reported.TAQA told Jaiprakash ...

 Jul 26 2014 - Dubai's Aramex profit up 12 percent in Q2MENAFN
(MENAFN) Dubai logistics firm Aramex reported a 12 percent rise in second-quarter net profit, driven by growing revenue in its core Gulf market, Gulf Daily News reported.According to a bourse filing, ...

 Jul 26 2014 - Qatar's Barwa second-quarter losses hit USD11.8mMENAFN
(MENAFN) Barwa Real Estate, Qatar's largest listed property developer, has registered an USD11.8 million net loss in the second quarter, Gulf Daily News reported.The second-quarter drop was compared ...

 Jul 26 2014 - KOC signs three USD2.34b worth contractsMENAFN
(MENAFN) The Kuwait Oil Company (KOC) signed contracts worth USD2.34 billion to build three collection centers in the company's areas of operations, QNA reported.KOC's first contract, worth USD685 ...

 Jul 26 2014 - McDonald's Japan halts sales of Chinese chicken after scandalArab News
(MENAFN - Arab News) KYO: McDonald's said Friday that its restaurants in Japan had stopped selling products made with chicken from China in a marked widening of a scandal that saw expired meat sold ...

 Jul 26 2014 - Two soldiers two cops die in Pakistan attacksArab News
(MENAFN - Arab News) LAMABAD: A bomb killed at least two Pakistani soldiers in the country's northwestern tribal district where the army is carrying out a major offensive against Taleban militants ...

 Jul 26 2014 - EU reaches preliminary deal on Russia economic sanctionsArab News
(MENAFN - Arab News) USSELS: European Union ambassadors reached a preliminary agreement on Friday to push ahead with hard-hitting economic sanctions against Russia over the Ukraine crisis but details ...

 Jul 26 2014 - West Africa Ebola death toll reaches 660: WHOArab News
(MENAFN - Arab News) NEVA:The death toll in West Africa's Ebola outbreak has risen to 660 with the number of cases surpassing 1000 the World Health Organization said Friday.WHO spokesman Paul Garwood ...

 Jul 26 2014 - WHO seeks humanitarian corridor to evacuate victims of Zionist barbarityArab News
(MENAFN - Arab News) NEVA: The World Health Organization (WHO) called on Friday for a humanitarian corridor to be set up in Gaza to allow aid workers to evacuate the wounded and bring in life-saving ...

 Jul 26 2014 - US dolls were meant to spread cheer not chillArab News
(MENAFN - Arab News) N CLEMENTE California: They sent a creepy feeling through several Southern California families but authorities say the person who left porcelain dolls on doorsteps didn't mean ...

more...


 






Google

Click to Apply

 
 

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