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FINANCIAL NEWS
Etisalat gets nod to raise money for Vivendi’s Maroc Telecom’s stake
30 May 2013
(MENAFN) UAE’s Etisalat announced that it received shareholders’ approval to borrow money to finance the possible acquisition of the 53-percent stake in Morocco’s largest operator, Maroc Telecom, reported Emirates 24/7.
The telecom giant added that the use of the amount is still conditional on the finalization of remaining conditions to buy the stake, held currently by French Vivendi.
The only other bidder for Vivendi’s stake is Qatar’s Ooredoo, known previously as Qatar Telecom.
Etisalat and Ooredoo are said to have made offers for the stake in the range of USD5.94 billion-USD6.07 billion.
It is worth noting that the government of the UAE owns a 60-percent stake in Etisalat.
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