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France Telecom takes stake in Morocco’s Méditel

France Telecom has signed a memorandum of understanding with current owners Fipar-Holding (CDG group) and FinanceCom to take a 40% stake in second-ranked Moroccan mobile and fixed-line telco Méditel.

France Telecom will consolidate the stake into its account via a global integration from fiscal year 2015. Méditel has licences for fixed, mobile and 3G telephony in Morocco.

France Telecom said the move was the first step in its policy of expanding outside Europe and doubling its revenues in Africa and the Middle East over the next five years.