Maroc Telecom stake sale to be completed in two months

Mergers, Acquisitions and Financial Results

UAE Etisalat's planned deal to buy a majority stake in Maroc Telecom will be finalized in 1-2 months, Morocco's Minister of Foreign Affairs told reporters on Wednesday.

France's Vivendi SA in July entered exclusive talks with Etisalat - the United Arab Emirates No.1 telecom operator - to sell its 53 percent stake in Maroc Telecom for 4.2 billion euros ($5.54 billion) in cash.

Morocco's government owns 30 percent of Maroc Telecom, with the remaining 17 percent publicly traded.

"We have agreed on all main terms and a deal may be finalized in one to two months," Minister Saadeddine Othmani told reporters on the sidelines of a conference in Dubai. "Everyone is happy (with the deal)."

He did not provide further details on the deal.