Published On: Tue, May 6th, 2014

Etisalat and Maroc Telecom sign share purchase agreement

Etisalat and Maroc Telecom sign share purchase agreement

Etisalat and Maroc Telecom sign share purchase agreement

Emirates Telecommunications Corporation, Etisalat, have signed a Share Purchase Agreement for the sale of Etisalat’s shareholdings in its operations in Benin, the Central African Republic, Gabon, the Ivory Coast, Niger and Togo to Atlantique Telecom SA, Etisalat International Benin Limited, Itissalat Al Maghrib and Maroc Telecom.

These operations provide both mobile voice and data services and operate under the Moov brand. The Share Purchase Agreement also includes Prestige Telecom, established in the Ivory Coast, which provides IT services to the operations of Etisalat in these countries.

The total consideration in return for Etisalat’s equity in and receivables from these seven companies amounts to USD 650 million. Closing of the transaction is subject to a number of conditions.

Source : WAM News Agency for United Arab Emirates

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