Telecompaper
Moroccan operator Meditel is set to be majority-owned by Orange and renamed Orange Morocco, reports L’Express. Orange appointed an auditor to value Meditel ahead of its acquisition of a 9 percent stake with 10.10 percent of voting rights by exercising a buy option. Orange bought 40 percent of Meditel for EUR 640 million in 2010.
On the basis of Orange’s estimate that its Meditel stake was worth EUR 320 million, it is expected to pay a little over EUR 72 million for 9 percent. Moroccan telecom regulator ANRT will have to authorise the operation. Meditel had 13.59 million subscribers at the end of 2014, according to the ANRT.
It competes against Maroc Telecom and Wana Corporate. The transaction will allow Orange to include its Moroccan subsidiary in its group accounts. Orange would not comment on the matter.
