Vivendi In Talks To Sell Stake In Maroc Telecom To Abu Dhabi-Based Etisalat For $5.5B

Vivendi In Talks To Sell Stake In Maroc Telecom To Abu Dhabi-Based Etisalat For $5.5B:

"Vivendi SA (EPA: VIV), on Tuesday, said that it is in advanced talks to sell its majority stake in Maroc Telecom to Abu Dhabi-based Etisalat for 4.2 billion euros ($5.54 billion) in cash, as part of the Paris-based company's restructuring plan to focus on its media business.

Although Vivendi initially was hopeful of clinching a deal for 5 billion euros, Maroc’s disappointing performance in recent quarters and a delay in talks has prompted Vivendi to settle for a lower price, reports said.

"Despite the price disappointment (at a discount to the closing price), the deal is good news for the group, allowing it to begin its restructuring and the reduction of its debt ahead of a possible spinoff of SFR," analysts at CM-CIC said in a research note, Reuters reported."

'via Blog this'