The Dubai state owned and PTCL’s parent company,Etisalat has lined up $8 billion loan in order to finance its bid to acquire Vivendi’s stake in Maroc Telecom. The French media group Vivendi is selling its 53 percent shares in the Moroccan Telecom company in order to pay off its debts. The bidding of Maroc Telecom is expected to take place on April 22, 2013 and the bidding companies are required to arrange finances for the stake purchase ahead of making final offers to Vivendi.
The overall estimate of Vivendi’s stake has been valued at around $6 billion and it is expected that the winning company will be bidding for minority shares as well, having full control over the company. Etisalat is reported to have been working with BNP Paribas as financial adviser, which is putting together the $8 billion loan, split equally between a term loan and a bridge loan, which will be refinanced later through a bond sale.
Qtel of Qatar had announced on March 18 that they were negotiating with banks to get a loan approved to help them in bid for Vivendi’s Maroc Telecom stakes. ST Corp. of South Korea will also be a part of bidding.
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