(MENAFN - Khaleej Times) Emirates telecommunication corporation or etisalat has completed the acquisition of vivendi?s 53 per cent shares in itissalat al maghrib or maroc telecom on wednesday.
etisalat international north africa or eina a subsidiary of the uae telecom giant which transacted the buyout deal on wednesday spent €4.138 billion.
this month etisalat sold its stake in moov which has operations in west africa to maroc telecom for 650 million. the assets will be managed by maroc telecom alongside its other west african operations.
maroc telecom has shareholding in the telecoms of mauritania burkina faso mali and gabon. etisalat will start to consolidate maroc telecom and its subsidiaries.
in addition to the 2012 dividends (mad 7.4 per share) already distributed in 2013 etisalat is also entitled to receive mad 6.0 per share dividend for the year 2013 to be distributed in june this year which is equivalent to €555 million.
“as per stock market regulations in morocco filing of a tender offer to acquire the remaining shares in a company is mandatory when a legal entity comes to own directly or indirectly more than 40 per cent of the voting rights of that company” says a statement issued by etisalat to the abu dhabi securities exchange.