UAE telco Etisalat is in discussions with banks regarding a syndicated loan to fund a bid to acquire a stake in Maroc Telecom, according to a report from Reuters, which cited unnamed banking sources.
Etisalat is looking to secure loans worth up to $8 billion to fund its bid for a 53% stake in the Moroccan operator, from Vivendi, the report added. Etisalat has also asked banks to bid for the roles of M&A and financing advisor, according to the report.
In December 2012, Qatar’s Qtel Group, which is also interested in acquiring the 53% stake in Maroc Telecom, hired JP Morgan Chase to advise it on a potential bid for Vivendi's Maroc Telecom.
In November, Maroc Telecom featured prominently in CommsmEA's listing of the MEA region's Top 20 Telecom Operators.