Etisalat To Sell West African Units To Maroc Telecom For $650m

Etisalat has agreed to sell its operations in several West African countries to Maroc Telecom for $650 million, the United Arab Emirates operator said in a statement on Monday.

Maroc Telecom will buy Atlantique Telecom, Etisalat’s wholly-owned West African subsidiary, which has mobile operations in Benin, Central African Republic, Gabon, Ivory Coast, Niger and Togo.

“The total consideration in return for Etisalat’s equity in and receivables, including shareholder loans, from these seven companies amounts to $650 million,” Etisalat said in the statement.

The sale is dependent on Etisalat completing a prior-agreed deal to buy Paris-listed Vivendi’s 53 per cent stake in Maroc Telecom.

Etisalat expects that transaction to be completed by the end of May.