PARIS--Vivendi SA (VIV.FR) Thursday said the closing of the sale
of its 53% stake in mobile telecom unit Maroc Telecom (IAM.CL) to
United Arab Emirates" Etisalat is expected on May 14.
"All the conditions precedent to the sale of its 53%
shareholding in Maroc Telecom to Etisalat have now been fulfilled,"
the group said.
The closing of the Maroc Telecom deal had dragged on for some
months as it depended on obtaining necessary regulatory approvals
in several African countries as well as a shareholder agreement
between Etisalat and the Moroccan government, which owns a 30%
blocking stake in Maroc Telecom.
In spring 2012, the French media and telecommunications group's
strategy shifted to focus on its media and content activities,
while it sought to divest its telecom businesses. As part of the
new strategy, the group also sold its French mobile unit to cable
operator Altice SA.
The disposal of the Maroc Telecom stake to Emirates
Telecommunications Corp., also known as Etisalat, will bring
Vivendi 4.2 billion euros ($5.81 billion) in cash, people familiar
with the matter told the Wall Street Journal late April.
Write to Geraldine Amiel at geraldine.amiel@wsj.com
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