Etisalat and Maroc Telecom sign agreement related to Etisalat’s Shareholdings in West African operations

ABU DHABI- Emirates Telecommunications Corporation (“Etisalat”), Atlantique Telecom SA (“AT”) and Etisalat International Benin Limited (“EIBL”) and Itissalat Al Maghrib (“Maroc Telecom”) have signed a Share Purchase Agreement for the sale of Etisalat’s shareholdings in its operations in Benin, the Central African Republic, Gabon, the Ivory Coast, Niger and Togo.

These operations provide both mobile voice and data services and operate under the Moov brand. The Share Purchase Agreement also includes Prestige Telecom, established in the Ivory Coast, providing IT services to the operations of Etisalat in these countries.

The total consideration in return for Etisalat’s equity in and receivables (including shareholder loans) from these seven companies amounts to USD 650 million.

Closing of the transaction is subject to a number of conditions precedent. These conditions include, among others, the closing of the acquisition by Etisalat of Vivendi’s 53% shareholding in Maroc Telecom and securing competition and regulatory approvals in the above-mentioned 6 countries in West Africa.