Etisalat's deal to buy a stake in Maroc Telecom is a sign of renewed commitment to African telecoms, but some players with smaller stakes are continuing to withdraw.
When French group Vivendi decided to sell its 53% stake in Maroc Telecom last year, two Gulf-based mobile operators – Etisalat and Ooredoo – emerged as front- runners.
Middle Eastern telecoms groups are no strangers to the African continent. After a decade of mixed fortunes, including some faltering first steps and a cluster of disparate investments, they are re-engaging in earnest to boost international revenue.
"Middle Eastern markets are getting more competitive, particularly in the GCC [Gulf Cooperation Council], so that's created a push factor for Middle Eastern operators to look elsewhere for continued growth, to adjacent less-advanced markets," says Matthew Reed, principal analyst for the Middle East and Africa at Informa Telecoms & Media in Dubai.
In the end, it was United Arab Emirates-based Etisalat that came out top of the Maroc Telecom bidding war, entering into exclusive talks in July with Vivendi and agreeing to pay $ 5.3 bn for the stake in early November.
We call Maroc Telecom a cash machine because it is a very profitable company, thus many bidders were interested," explains Jawad Kerdoudi, director of the Institut Marocain des Relations Internationales.
"But I think Morocco would be happy to see a UAE company buying Vivendi's share as it will reinforce our relations with the Gulf region," he says. A source within Morocco's parliament, who asked not to be named, said the move could be "considered an extra step towards our GCC membership."
Etisalat did not respond to requests for an interview about the deal negotiations.
source: www.theafricareport.com
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