Orange increases its interest in the Moroccan operator Méditel
Published on: 28th Jul 2015
Note -- this news article is more than a year old.
Orange has increased its stake in the Moroccan telecommunications operator, M ditel.
Through this transaction, Orange has acquired an additional 9% of Méditel's capital and benefits from the rights set out in the December 2010 agreements. As a result, Orange now holds 49% of Méditel's share capital. The Board of Directors of Méditel will now be composed of five members proposed by Orange and four members appointed by the Moroccan shareholders.
The company will also be fully consolidated in the financial statements of the Orange group.
With more than 13 million mobile subscribers, representing a 31% market share at the end of 2014, Méditel had 2014 revenues of 5.5 billion dirhams (503 million euros(1); growth of +7%), an EBITDA(2) of 1.86 billion dirhams (170 million euros; growth of +18%), and an operating cash flow of 720 million dirhams (66 million euros).
The transaction, which has already received the necessary authorizations from the public authorities and the regulator.