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Vivendi to sell Maroc Telecom stake to Etisalat

Vivendi has entered into exclusive negotiations with UAE telco Etisalat for the sale of its majority stake in Maroc Telecom.

Etisalat is offering MAD92.6 (€8.29) a share for the operator, giving Vivendi potential cash proceeds of €4.2 billion. Taking account of the net debt of Maroc Telecom, the deal places an enterprise value of €4.5 billion on Maroc Telecom, giving a multiple of 6.2 times EBITDA.

Vivendi and Etisalat aim to conclude the sale by the end of the year. Vivendi has been under pressure for some time from shareholders to realise sales of some of its telecom operations.