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Vivendi to sell Maroc Telecom to Etisalat for €4.2 billion

UAE-based telco Etisalat is to acquire Vivendi’s majority stake in Maroc Telecom for €4.2 billion in cash.

Vivendi and Etisalat have signed a definitive agreement for the sale of the Moroccan operator, in which Vivendi holds a 53% stake. Vivendi expects the deal to close in early 2014, subject to regulatory approval in the countries in which Maroc Telecom operates.

Etisalat will pay €3.9 billion in cash plus a further €300 million in 2012 dividends.

The Moroccan government owns a 30% stake in Maroc Telecom, with the remainder publicly traded.

The sale is a success for Vivendi’s strategy of divesting telecom activities and refocusing on media and content.