Etisalat Sells African Subsidiaries to Maroc Telecom
Published on: 6th May 2014
Note -- this news article is more than a year old.
UAE headquartered Etisalat has started a tidying up exercise of its African assets ahead of its planned acquisition of a majority stake in Maroc Telecom.
As part of the plans, Maroc Telecom is paying USD650 million to buy Etisalat\'s existing stakes in a number of African mobile networks. Etisalat then buys a 53% stake in Maroc Telecom, so the net effect is negligible, but it does combine the two companies respective African networks into a single holding company.
Etisalat has subsidiaries located in Benin, Central African Republic, Ivory Coast, Gabon, Niger and Togo. Meanwhile, Maroc Telecom has operations in Gabon, Mauritania, Burkina Faso and Mali.
The sale of the Etisalat networks to Maroc Telecom is conditional on the sale of Maroc Telecom to Etisalat completing.