The Emirates Telecommunications Corp or ETISALAT has expressed interest in acquiring the 53% shareholdings of Vivendi SA in Maroc Telecom. It confirmed that it was planning to submit a binding bid by the deadline today.
Etisalat was able to secure funding from local and international banks for the bid. Another bid is being formulated by QSC Qatar Telecom, according to a person familiar with the matter with the transaction who chose not to be identified. Currently, Vivendi's share in Maroc is reportedly worth about US$5.9 billion.
The sale of the shareholdings is part of the overall plan of Vivendi to return its corporate focus in media and content distrubution. It is moving away from telecommunications after Chairman Jean-Rene Fourtou and the Vivendi board decided to sell assets instead of splitting the company into different business divisions.
One of the former bidders was KT Corp of South Korea. Last April 15 though, the South Korean telecommunications firm dropped out of the bidding race because of the 'big differences' in the valuation of the firm and VIvendi's own.
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