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Etisalat in $5.7b deal to acquire Vivendi stake

etisalat-standEtisalat has agreed terms with Vivendi to buy the French media conglomerate’s 53 percent stake in Maroc Telecom for 4.2 billion euros ($5.67 billion).

This will see Etisalat pay Vivendi 3.9 billion euros for the stake, plus a further 300 million euros in 2012 dividends from Maroc Telecom, the United Arab Emirates’ No.1 telecom operator said on Tuesday.

Once concluded, the deal will give Etisalat majority control of Morocco’s former monopoly operator, which offers fixed-line, mobile and Internet services in the kingdom and also has operations in Burkina Faso, Gabon, Mali and Mauritania.

 Etisalat said the deal was subject to regulatory approvals in Morocco.-Reuters