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Rabat – UAE based Emirates Telecommunications Corporation, also known as Etisalat has raised its stake in the Moroccan telecommunications company Maroc Telecom, after spending MAD 4.5 billion ($505 million) on an acquisition deal.
A press release on the Abu Dhabi Securities Exchange website gives more details on the acquisition, stating that Etisalat acquired the Abu Dhabi Fund For
Development’s 8.7% stake in Etisalat Investment North Africa LLC (EINA), raising Etisalat’s stake to 100% in EINA and 53% in Maroc Telecom Group.
The deal is expected to go through soon, as the closing of the transaction is dependent on some conditions according to the press release. The price paid for the acquisition may change in the near future due to market conditions.
Maroc Telecom operates varying services such as landline and mobile telephone services, as well as internet and online money transfer services. The company also operates outside Morocco in 11 countries in the region.
The Moroccan telecommunications group is publicly listed on both the Casablanca Stock Exchange and France’s Euronext Paris, the second biggest exchange in Europe.
Maroc Telecom recently reported a 7.1% fall in its domestic revenue, with the turnover for the first half of 2021 reaching MAD 17.78 billion ($2 billion). The board also recently renewed Abdeslam Ahizoune’s term as chairman until March 2023.
