The Emirates Telecommunications Corporation, trading as Etisalat, has revealed extension of the validity period for its bidding offer and exclusivity period for negotiations of acquiring Vivendi’s 53 per cent stake in the Maroc Telecom.
DigitalSENSE Business News confirmed weekend 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, otherwise known as Maroc Telecom, was extended until October 31, 2013.
On 22 July 2013, DigitalSENSE Business News recalls that 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.
Similarly, Vivendi formally granted Etisalat a period of exclusivity for the acquisition until 25 September 2013, which is now extended.
Etisalat equally revealed in a statement sighted by DigitalSENSE Business News that the signing and closing of the transaction would be subject to a number of conditions.
Some of these conditions 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.
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