UAE telco Etisalat is set to sign an $8 billion loan facility this week with up 16 banks to support its Maroc Telecom stake bid, Reuters reported.
Etisalat and Qatar’s Ooredoo are now the only operators left in the bidding process for Vivendi’s 53% stake in Maroc Telecom.
Ooredoo also recently secured funds to support its bid.
Vivendi is looking to offload its stake in the Morocco’s incumbent telecom operator to help reduce its debts. Bidders require more cash than the $6 billion market value of the stake as minority shareholders also need to be offered the option of being bought out, the report added.
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