Rabat - Moroccan telecommunications operator Maroc Telecom has finalized its acquisition of Etisalat subsidiaries in Benin, Ivory Coast, Gabon, Niger, Central African Republic and Togo.
According to a statement issued by the company on Tuesday, January 27th, the final transaction cost was 474 million Euros, which corresponds to the takeover of Etisalat's equityholding in these operators, as well as the shareholders loans.
"This acquisition also involves Prestige Telecom, which provides IT services on behalf of Etisalat subsidiaries in these countries", the statement added.
Mr. Abdesalam Ahizoune, Chairman of the Management Board of Maroc Telecom, stated:
"Finalizing this acquisition marks an important milestone in the development of the Maroc Telecom group, and consolidates its strategic position as a major telecom player in Africa, with a presence in ten countries with high growth potential. Through this operation, Maroc Telecom is supporting the kingdom of Morocco's policy of South-South economic cooperation in Africa."
Last year, French group Vivendi sold its 53% stake in Maroc Telecom to Emirati operator Etisalat for an estimated 4.138 billion Euros.
The agreement signed with Etisalat enabled Maroc Telecom to operate in nine African countries.