Vivendi has completed the sale of its majority stake in Maroc Telecom to UAE-based Etisalat for €4.138 billion.
The sale is a further staging post in Vivendi’s evolution into a media company and away from telecoms. The group said that the closing of the sale would enable it further reduce its debt ratio.
Vivendi expects to complete its transformation with the forthcoming sale of SFR to Altice/Numericable.
“Vivendi has been particularly pleased and proud to support Maroc Telecom in its national and sub-Saharan Africa development. I would like to acknowledge the excellent partnership forged with the Kingdom of Morocco during this period and the remarkable quality of the management and the teams of Maroc Telecom,” said Jean-René Fourtou, chairman of Vivendi’s supervisory board and vice-chairman of Maroc Telecom’s supervisory board.
“A new chapter is being written today by Vivendi as we aim to grow in media and content. I welcome the recent agreement with Etisalat allowing Maroc Telecom to deploy its activities in nine African countries. With Etisalat, its new shareholder, Maroc Telecom will be fully equipped to also take new steps towards growth. ”