Etisalat
is buying 53 per cent of Maroc Telecom from France’s Vivendi for €4.2 billion (Dh20.81bn), the UAE telecoms company’s first overseas acquisition in five years.
The agreement, which both parties signed on Monday, brings a close to months of negotiations.
Etisalat said yesterday it had signed a share purchase agreement to acquire Vivendi’s stake for €3.9bn. Upon the deal’s completion, Etisalat will pay Vivendi €300 million in cash – equivalent to the 2012 dividend of 7.40 Moroccan dirhams a share set aside by Maroc Telecom for Vivendi.
However, the deal remains subject to conditions, including securing competition and regulatory approval from Morocco and other relevant jurisdictions, as well as the execution of a shareholders’ agreement with the Moroccan state, which owns 30 per cent of Maroc.
Moroccan regulations oblige Etisalat to make a takeover offer to Maroc’s other shareholders, which could result in Etisalat further increasing its stake.
The outstanding free float represents 17 per cent of Maroc Telecom’s equity. Etisalat declined to comment on when such an offer would be issued.
Etisalat said in April that it planned to finance the transaction with external funding and had secured the required funds from local and international banks.
A source with knowledge of the matter said the acquisition would be funded with cash and bank loans, but declined to give further details.
Etisalat has been in exclusive talks with Vivendi regarding the Maroc Telecom stake since Qatar’s Ooredoo withdrew from discussions in June.
In July, Etisalat and Vivendi entered into exclusive negotiations, with Etisalat submitting a binding offer to acquire Vivendi’s stake for €3.9bn.
Talks between both parties had been scheduled to last until September 25, but were subsequently extended to the end of last month.
A source close to the process said the extension was not because of fundamental disagreements, but it was due to delays in negotiations during the summer, Ramadan and Eid Al Adha.
Maroc Telecom is Morocco’s largest mobile operator, with a market share of 47.7 per cent at the end of June, according to data from Informa Telecoms & Media.
It dovetails with Etisalat’s strategy to expand into emerging markets in the Middle East and Africa, according to Matthew Reed, principal analyst at Informa.
In addition to its operations in Morocco, Maroc Telecom also has operations in Burkina Faso, Gabon, Mali and Mauritania, which complement Etisalat’s existing presence in eight markets in sub-Saharan Africa.
Mr Reed, however, noted that the operator’s core business in Morocco had been declining in recent quarters amid fierce competition in an increasingly mature market.
“They’ll want to arrest and reverse that decline, it’ll be one of Etisalat’s first priorities once the deal is done,” he said.
Etisalat made an ill-fated investment in India’s Swan Telecom (later rebranded as Etisalat DB) in 2008. Etisalat was forced to wash its hands of that investment last year, after the relationship with local shareholders soured.
The UAE firm subsequently tried to acquire 46 per cent of its Middle East rival Zain in 2010 for US$12bn, only for the deal to fall through in 2011.
In light of those missteps, the acquisition of Maroc Telecom was a welcome boost for Etisalat, said Petr Molik, the head of financial advisory at Menacorp.
“The price they agreed for Maroc Telecom was a fair one. There was no price discount, but neither was there a premium,” Mr Molik said.
“They’ve made a statement that they can do a big acquisition that’s run professionally where they don’t overpay for the assets,” he said. “[Maroc Telecom] is a great cash generator. The margins are there, overall it’ll improve the group and strengthen them in French Africa.”
Etisalat’s shares closed up 1 per cent at Dh11.7 apiece yesterday.
jeverington@thenational.ae
Sinopharm vaccine explained
The Sinopharm vaccine was created using techniques that have been around for decades.
“This is an inactivated vaccine. Simply what it means is that the virus is taken, cultured and inactivated," said Dr Nawal Al Kaabi, chair of the UAE's National Covid-19 Clinical Management Committee.
"What is left is a skeleton of the virus so it looks like a virus, but it is not live."
This is then injected into the body.
"The body will recognise it and form antibodies but because it is inactive, we will need more than one dose. The body will not develop immunity with one dose," she said.
"You have to be exposed more than one time to what we call the antigen."
The vaccine should offer protection for at least months, but no one knows how long beyond that.
Dr Al Kaabi said early vaccine volunteers in China were given shots last spring and still have antibodies today.
“Since it is inactivated, it will not last forever," she said.
Quick facts on cancer
- Cancer is the second-leading cause of death worldwide, after cardiovascular diseases
- About one in five men and one in six women will develop cancer in their lifetime
- By 2040, global cancer cases are on track to reach 30 million
- 70 per cent of cancer deaths occur in low and middle-income countries
- This rate is expected to increase to 75 per cent by 2030
- At least one third of common cancers are preventable
- Genetic mutations play a role in 5 per cent to 10 per cent of cancers
- Up to 3.7 million lives could be saved annually by implementing the right health
strategies
- The total annual economic cost of cancer is $1.16 trillion
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
Western Clubs Champions League:
- Friday, Sep 8 - Abu Dhabi Harlequins v Bahrain
- Friday, Sep 15 – Kandy v Abu Dhabi Harlequins
- Friday, Sep 22 – Kandy v Bahrain
House-hunting
Top 10 locations for inquiries from US house hunters, according to Rightmove
- Edinburgh, Scotland
- Westminster, London
- Camden, London
- Glasgow, Scotland
- Islington, London
- Kensington and Chelsea, London
- Highlands, Scotland
- Argyll and Bute, Scotland
- Fife, Scotland
- Tower Hamlets, London
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Clinicy%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202017%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Prince%20Mohammed%20Bin%20Abdulrahman%2C%20Abdullah%20bin%20Sulaiman%20Alobaid%20and%20Saud%20bin%20Sulaiman%20Alobaid%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Riyadh%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2025%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20HealthTech%3Cbr%3E%3Cstrong%3ETotal%20funding%20raised%3A%3C%2Fstrong%3E%20More%20than%20%2410%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Middle%20East%20Venture%20Partners%2C%20Gate%20Capital%2C%20Kafou%20Group%20and%20Fadeed%20Investment%3C%2Fp%3E%0A
More on Palestine-Israeli relations
MATCH INFO
Champions League quarter-final, first leg
Ajax v Juventus, Wednesday, 11pm (UAE)
Match on BeIN Sports
Dubai Rugby Sevens, December 5 -7
World Sevens Series Pools
A – Fiji, France, Argentina, Japan
B – United States, Australia, Scotland, Ireland
C – New Zealand, Samoa, Canada, Wales
D – South Africa, England, Spain, Kenya
ALRAWABI%20SCHOOL%20FOR%20GIRLS
%3Cp%3ECreator%3A%20Tima%20Shomali%3C%2Fp%3E%0A%3Cp%3EStarring%3A%C2%A0Tara%20Abboud%2C%C2%A0Kira%20Yaghnam%2C%20Tara%20Atalla%3C%2Fp%3E%0A%3Cp%3ERating%3A%204%2F5%3C%2Fp%3E%0A
Global Fungi Facts
• Scientists estimate there could be as many as 3 million fungal species globally
• Only about 160,000 have been officially described leaving around 90% undiscovered
• Fungi account for roughly 90% of Earth's unknown biodiversity
• Forest fungi help tackle climate change, absorbing up to 36% of global fossil fuel emissions annually and storing around 5 billion tonnes of carbon in the planet's topsoil
Election pledges on migration
CDU: "Now is the time to control the German borders and enforce strict border rejections"
SPD: "Border closures and blanket rejections at internal borders contradict the spirit of a common area of freedom"
UAE SQUAD
Khalid Essa, Ali Khaseif, Fahad Al Dhanhani, Adel Al Hosani, Bandar Al Ahbabi, Mohammad Barghash, Salem Rashid, Khalifa Al Hammadi, Shaheen Abdulrahman, Hassan Al Mahrami, Walid Abbas, Mahmoud Khamis, Yousef Jaber, Majed Sorour, Majed Hassan, Ali Salmeen, Abdullah Ramadan, Abdullah Al Naqbi, Khalil Al Hammadi, Fabio De Lima, Khalfan Mubarak, Tahnoon Al Zaabi, Ali Saleh, Caio Canedo, Ali Mabkhout, Sebastian Tagliabue, Zayed Al Ameri
Gothia Cup 2025
4,872 matches
1,942 teams
116 pitches
76 nations
26 UAE teams
15 Lebanese teams
2 Kuwaiti teams
Brahmastra%3A%20Part%20One%20-%20Shiva
%3Cp%3E%3Cstrong%3EDirector%3A%20%3C%2Fstrong%3EAyan%20Mukerji%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStars%3A%20%3C%2Fstrong%3ERanbir%20Kapoor%2C%20Alia%20Bhatt%20and%20Amitabh%20Bachchan%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%202%2F5%3C%2Fp%3E%0A
Killing of Qassem Suleimani
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
THE SPECS
Engine: 1.5-litre
Transmission: 6-speed automatic
Power: 110 horsepower
Torque: 147Nm
Price: From Dh59,700
On sale: now
