Etisalat and Vivendi extend the validity period of Etisalat’s binding offer and exclusivity period for negotiations of acquiring Vivendi’s 53% Stake in Maroc Telecom
Abu Dhabi, United Arab Emirates, September 29, 2013– Emirates Telecommunications Corporation (Etisalat) today announced that the validity period given for its binding offer – and the period of exclusivity granted to Etisalat by Vivendi – for the acquisition of Vivendi’s 53 per cent stake in Itisalat Al Maghrib (Maroc Telecom) has been extended until 31st October, 2013.
On 22 July 2013, Etisalat made a binding offer that valued each of Maroc Telecom’s shares at MAD 92.6, amounting to consideration Euro 3.9 billion (AED 19.3 billion) for Vivendi’s 53 per cent stake in Maroc Telecom. In parallel Vivendi formally granted Etisalat a period of exclusivity for the acquisition until 25 September 2013.
Etisalat said in a statement that the signing and closing of the transaction would be subject to a number of conditions. They include, among others, the execution of a shareholders’ agreement with the Kingdom of Morocco regarding Maroc Telecom, and securing competition and regulatory approvals in the Kingdom of Morocco in addition to certain other jurisdictions in Maroc Telecom’s footprint.
