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HomeEconomyEtisalat signs 3.15b euro loan for Maroc Telecom

Etisalat signs 3.15b euro loan for Maroc Telecom

etisalat-stand Etisalat has signed a two-part 3.15 billion euros ($4.36 billion) loan to help fund its acquisition of a 53 percent stake in Maroc Telecom , the Gulf telecom operator said in a bourse statement on Monday.

This loan is split between a 2.1 billion euro one-year bridge loan and a 1.05 bln three-year portion, Etisalat said.

The United Arab Emirates’ firm will utilise the funds at the closing of its purchase of the stake in Maroc Telecom from France’s Vivendi.

On Sunday, Reuters reported that an Abu Dhabi state-owned fund would finance a quarter of Etisalat’s 4.2 billion euro purchase of the Maroc Telecom stake, thereby reducing Etisalat’s contribution to 3.15 billion euros.-Reuters