ABU DHABI -- Emirates Telecommunications Corporation “Etisalat”, today said it has signed with Vivendi a Share Purchase Agreement for the acquisition of Vivendi’s 53 % Stake in Itissalat Al Maghrib (“Maroc Telecom”).
Etisalat made a binding offer that valued each Maroc Telecom share at MAD 92.6, amounting to a consideration of Euro 3.9 billion (equivalent to AED 19.2 billion) for Vivendi’s 53% stake in Maroc Telecom. The consideration does not include the dividend received by Vivendi from Maroc Telecom in respect of the 2012 financial year, equivalent to MAD 7.40 per share, which will also be for the benefit of Etisalat. At closing, Etisalat will pay Vivendi the cash value of such 2012 dividend of Euro 0.3 billion (equivalent to AED 1.5 billion).
Closing of the acquisition of Vivendi’s stake in Maroc Telecom by Etisalat is subject to a number of conditions. These include, among others, the execution of a shareholders’ agreement with the Kingdom of Morocco regarding Maroc Telecom, securing competition and regulatory and approvals in the Kingdom of Morocco and certain other relevant jurisdictions in Maroc Telecom’s footprint.