Etisalat finds €3.15B funding for major Maroc Telecom acquisition

etisalat-logoUAE-based telecom giant Etisalat, who agreed to buy Vivendi‘s shares in Maroc Telecom last year for a staggering €4.2 billion, has found the funding for it. The company announced in a statement that it signed a financing deal amounting to €3.15 billion with a group of 17 banks. The deal is comprised of two trenches: a 12-month bridge loan of €2.1 billion and a 3-year bullet term loan of €1.05 billion.

The ‘multi currency’ fund, which can be paid either in euro US us dollars, will be accessed when the acquisition of French group Vivendi’s 53% share in Maroc Telecom is closed.

Etisalat’s finances belonging to the first three months of the year also seems very positive. Its consolidated profits has increased by 11% compared to the same period of the last year, reaching $544.5 million. Consolidated revenue rose by 3% according to the figured first published by Mobile World Live.

The operator’s subscriber base has also grown by 3 percent between the first quarters of 2013 and 2014, reaching 145 million.

Ahmad Abdulkarim Julfar, the CEO of Etisalat Group, said the company will continue to expand to diversify its revenue base and “cement regional leadership position”. He added that data business will remain a strategic priority for the company.

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