Etisalat inks $505m agreement to raise stake in Maroc Telecom Group

Abu Dhabi – Mubasher: Emirates Telecommunications Group (Etisalat) has inked an agreement with Abu Dhabi Fund For Development to acquire its 8.7% stake in Etisalat Investment North Africa (EINA), raising Etisalat's ownership in Maroc Telecom Group from 48.4% to 53%.

To be funded by bank borrowings, the acquisition is valued at approximately $505 million, subject to change based on prevailing market conditions such as the foreign exchange rate prior to the transaction completion, according to a press release on Tuesday.

Under the agreement, Etisalat has fully owned EINA which holds investments in Société de Participation dans les Télécommunications (SPT) that owns investments in Maroc Telecom Group.

Hence, this acquisition will ultimately raise Etisalat's ownership in Maroc Telecom Group from 48.4% to 53%, which will have a positive impact on the group's consolidated net profits.

Maroc Telecom Group provides telecom services in 11 countries in Morocco and West Africa, including mobile and fixed voice and broadband and mobile money.

Mubasher Contribution Time: 17-Aug-2021 12:14 (GMT)
Mubasher Last Update Time: 17-Aug-2021 12:14 (GMT)