French telecommunications company Vivendi SA (VIV) is in private talks with Emirates Telecommunications Corp. (ETISALAT) concerning the sale of its stale in Maroc Telecom SA.
The deal centers on Vivendi's 53 % stake in the Moroccan phone company which has an estimated value of EUR 3.9 billion.
Etisalat confirmed earlier today in a statement that it will be paying AED 92.6 for each Maroc Telecom share as well as EUR 310 million for a dividend Vivendi was planned to acquire from Maroc Telecom.
The deal would put the Abu Dhabi-based company in the forefront as the biggest mobile carrier in Morocco.
Talks of the purchase began after Vivendi has announced its plan to shift their focus from telecommunications and mobiles to content.
Jean-Rene Fourtou, Vivendi Chairman, plans to follow up on his statement the previous year on delivery of asset sales by reaching an agreement on Maroc Telecom.
The two telecom companies plan to reach a conclusion on the Maroc deal by the end of 2013.
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