Etisalat,Maroc Telecom complete WA subsidiary sale

Subsidiary Atlantique Telecom has been sold to Maroc Telecom
Ahmad Abdulkarim Julfar, Etisalat group's chief executive officer. Rasheed Arakkal.
Ahmad Abdulkarim Julfar, Etisalat group's chief executive officer. Rasheed Arakkal.

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Emirates Telecommunications Corporation (Etisalat) has completed the sale of its wholly-owned West African subsidiary Atlantique Telecom, which has mobile operations in Benin, Central African Republic, Gabon, Cote d’Ivoire, Niger and Togo, alongside Cote d’Ivoire-based IT service provider Prestige Telecom, to Maroc Telecom.

The final consideration in return for Etisalat’s equity and receivables (including shareholder loans) from the seven companies amounts to EUR474 million ($532.3 million), according to TeleGeography.

In July 2013, Vivendi entered into exclusive negotiations with Etisalat for the sale of Morocco’s leading telco which includes subsidiaries in Mauritania, Mali, Burkina Faso and Gabon. The two companies signed an agreement for the sale of the controlling 53% stake in Maroc Telecom for EUR4.2 billion in November 2013. The acquisition was completed in May 2014 via indirect subsidiary Etisalat International North Africa (EINA), for a final consideration of EUR4.138 billion. Etisalat holds 91.3% of EINA’s capital, while the Abu Dhabi Fund for Development owns the remaining 8.7% stake. 

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