Quotes: 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


 


Khaleej Times




  MENA News Headlines
 Nov 26 2014 - Libya's latest violence worries BanKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The recent escalation of violence in Libya including the air strikes in Tripoli and the Nafousa Mountains in the west, as well as in Benghazi and its environs in ...

 Nov 26 2014 - Syrian economy down 40 percent since 2011Kuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Syria's economy contracted some 40 percent since 2011, as this conflict affected every Syrian, it was announced here.Not only the economy, but unemployment now ...

 Nov 26 2014 - Kuwaiti students "part of Jordanian society" - Jordanian MinisterKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The large number of Kuwaiti students seeking higher education in Jordan reflected the strong relations between our two brotherly nations, said Jordanian Minister ...

 Nov 26 2014 - Blast injures two Bahraini policemen Tuesday nightKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) Two Bahraini policemen were slightly injured Tuesday night as a terrorist attack took place in Diraz area, northern the capital who were rushed to hospital to ...

 Nov 26 2014 - Kuwait- Plummeting oil prices to dominate OPEC's meeting ThursdayKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) The 166th OPEC ministerial meeting, due Thursday here, is widely seen by international observers and analysts as one of the most anticipated meetings in years due ...

 Nov 26 2014 - Kuwait calls for disarmament of all WMDKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) A Kuwaiti delegation will be participating in the 19th session of the Conference of the States Parties of the Organisation for the Prevention of Chemical Weapons ...

 Nov 26 2014 - One Palestinian dead, two injured after being run-over by Israeli busKuwait News Agency (KUNA)
(MENAFN - Kuwait News Agency (KUNA)) A Palestinian man died and two others wounded after being run over by an Israeli bus near a military checkpoint in Jenin, north of the West Bank, official media ...

 Nov 26 2014 - Egypt- Comprehensive review of economic activity legislation to be presented to Legislative Reform CommitteeDaily News Egypt
(MENAFN - Daily News Egypt) The government is reviewing legislation organising economic activities including trade, investment, mineral wealth, industry, local production laws, and land allocation ...

 Nov 26 2014 - Egypt- Unified investment law's fate in the hands of legislative reform committeeDaily News Egypt
(MENAFN - Daily News Egypt) Minster of Investment Ashraf Salman said his ministry is conducting discussions with other ministries and government agencies to review the majority of legislation ...

 Nov 26 2014 - Egypt- Government anticipates higher growth ratesDaily News Egypt
(MENAFN - Daily News Egypt) Egypt's economic growth rate is expected to rise during the current fiscal year 2014/2015 from 3.5% to 3.8%, due to increases in the manufacturing industries' rates, along ...

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

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

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
Economic Calendar
Financial Glossary


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


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help