Etisalat eyes $8bn funding for Maroc Telecom bid
Dubai, February 16, 2013
Abu Dhabi telecom firm Etisalat is talking to banks about a syndicated loan of up to $8 billion to finance a bid for Vivendi's 53 per cent stake in Maroc Telecom, according to banking sources.
An $8 billion acquisition loan would be the largest Gulf merger and acquisition loan in six years.
Etisalat has asked banks to bid for the roles of M&A and financing advisor, one banker said.
French media and telecoms group Vivendi is under pressure from shareholders to bolster its flagging share price and reduce its debt, which stands at 15.7 billion euros.
Etisalat was not immediately available for comment.
The sale has attracted interest from other bidders that are also lining up financing.
Qatar's Qtel is talking to its relationship banks, including JP Morgan, about financing for a possible bid for Maroc Telecom, bankers said. JP Morgan could easily underwrite an acquisition loan, alone or with the support of one or two banks, they said.
South Korean telecoms company KT Corp has lined up Citigroup, Credit Suisse, and Societe Generale to advise and finance a potential acquisition if its bid is successful.-Reuters
More IT & Telecommunications Stories
- Scope ME named distributor for InfoWatch
- Nawras quadruples 3G+ mobile services
- Menatelecom expands bill paying network
- Du joins new global cable consortium
- Kuwait moves to create telecoms watchdog
- Batelco backs Royal Fund for Martyrs
- Egypt's Global Telecom posts $749m Q4 loss
- Red Hat launches open source BPM suite
- Batelco announces new board
- Batelco offers improved broadband
- You don't own phone numbers, warns TRA
- Tech giants back top Qatar ICT event
- Du to provide wifi access in public areas
- Zain finalises $800m, five-year loan facility
- Ooredoo Q4 net profit falls 36pc to $140m
- Mobily, Etisalat team up for LTE roaming
- Batelco approves $84m dividends for 2013
- Etisalat Q4 profit rises 70pc to $394m
- Kenya telecom firm to join Etisalat SmartHub
- Aruba appoints new sales director
- Du enters $1.17 billion financing deals
- VIVA extends 4G LTE offer
- Batelco to update students with latest technologies
- Etisalat SmartHub seals IPX agreement
- Etisalat picks Alcatel for LTE network expansion
- Boeing, QCRI host machine learning forum
- Mobily provides 4G LTE international roaming
- Viva Kuwait, Huawei to set up innovation centre
- Etisalat, Airtel deal to boost network services
- Batelco offers 4G LTE backup solution