Abu Dhabi: UAE’s telecom major Emirates Telecommunications Corporation (etisalat) has announced that, through its subsidiary Etisalat International North Africa (EINA), it was exempted from the mandatory tender offering in Itissalat Al-Maghrib (Maroc Telecom), listed in Casablanca and Euronext (Paris) Stock Exchanges by the Moroccan Authorities “Conseil Deontologique des Valeurs Mobilieres” (CDVM), in connection with its acquisition of a 53-per cent shareholding in Maroc Telecom held by Vivendi.
Etisalat announced the successful completion of its acquisition of Vivendi’s 53-per cent shareholding in Maroc Telecom on 14 May. The deal saw Etisalat expand its services to nearly 800 million people across 19 countries throughout the Middle East, Africa and Asia.
The final consideration amounted to €4.14 billion (Dh20.86 billion) and etisalat will start to consolidate Maroc Telecom and its subsidiaries from this month.
The effective interests in the capital of EINA are Etisalat (91.3 per cent) and Abu Dhabi Fund for Development (8.7 per cent).
