Etisalat has reached a financing agreement with several banks which will allow it to acquire a majority stake in Maroc Telecom.
The €3.15 billion “multi-currency club deal” involves 17 banks, and is intended “to fund the acquisition of Vivendi’s 53 per cent stake in Maroc Telecom”. Etisalat agreed to acquire French group Vivendi’s majority stake in the Moroccan operator for €4.2 billion last year.
The two tranches of Etisalat’s funding take the form of a 12 month bridge loan worth €2.1 billion and a three year bullet term loan worth €1.05 billion. They will be available to Etisalat once it has closed the deal with Vivendi.
Etisalat CEO Ahmad Abdulkarim Julfar noted that the group was aiming to “cement [its] regional leadership position” within Africa and the Middle East by expanding its “service offering and geographic footprint”.
