United Arab Emirates telecommunications firm Etisalat said on Monday that it has raised €3,15bn to fund the acquisition of French media giant Vivendi’s 53% stake in Morocco’s main provider, Maroc Telecom.
The funds were raised with a group of 17 international, regional and local banks in the UAE.
“Financing consists of two facilities which can be utilised in euros and/or US dollars,” Etisalat said in a statement.
“Utilisation of funds under the two facilities will take place at the closing of the transaction with Vivendi.”
On 5 November last year, the French media and entertainment group announced an agreement with Etisalat to sell its Maroc Telecom stake for €4,2bn in cash.
Vivendi said at the time that the agreement was final, although it was subject to some conditions, notably approval from regulatory authorities in countries where Maroc Telecom operates.
The Moroccan state holds 30% of Maroc Telecom, which is quoted on the stock exchange in Casablanca.
Etisalat became the only potential buyer of the 53% holding after Qatari firm Ooredoo, formerly QTel, withdrew from the running last June.
Vivendi and Etisalat, one of the biggest telecoms groups in the Middle East, began negotiations at the end of April 2013.
Etisalat, which also operates in Saudi Arabia and in Egypt and has interests in Africa and Asia, provides services to 141m customers in 15 countries. — Sapa-AFP