Ventures Africa
Fumnanya Agbugah
Morocco’s leading telecommunication company, Maroc Telecom, has finalized a deal to acquire six telco assets in Africa from Etisalat, the largest mobile phone company in United Arab Emirates. This acquisition was carried via its subsidiaries, Atlantique Telecom SA (AT) and Etisalat International Benin Limited (EIBL).
“Finalizing this acquisition marks an important milestone in the development of the Maroc Telecom group,and consolidates its strategic position as a major telecom player in Africa, with a presence in ten countries with high growth potential. Through this operation, Maroc Telecom is supporting the kingdom of Morocco’s policy of South-South economic cooperation in Africa.” said Mr. Abdesalam Ahizoune, Chairman of the Management Board of Maroc Telecom, who was quoted by Morocco World news.
The assets acquired include Etisalat’s subsidiaries in Ivory Coast, Gabon, Niger, Togo, Benin and Central Africa Republic. These assets provide both voice and data services under the Moov brand.
The deal, worth 474 million Euros ($537 million), constitutes Etisalat’s equity and receivables and shareholders’ debt from the six companies. However, this deal does not include Etisalat’s operations in Nigeria. This asset is held and managed by Hakeem Belo-Osagie, a Nigerian multi-millionaire, who is the chairman and a major shareholder.
Last year, Etisalat acquired a 53 percent majority stake in Maroc Telecom from a French group, Vivendi, at an estimated 4.138 billion Euros ($4.664 billion).
By acquiring these assets, Maroc Telecom will become the largest telecom operator in French speaking African countries as it also has significant presence in Burkina Faso, Mauritania and Mali. It will also enable Etisalat strengthen its position within Africa’s growing telecommunication industry.
