Vivendi sells Maroc stake

 
City A.M. Reporter
VIVENDI said yesterday it had entered into exclusive talks to sell its majority stake in Maroc Telecom to Abu Dhabi-based Etisalat for €4.2bn (£3.6bn) in cash.

The deal, when finalised, would be the first major divestment by the French conglomerate as part of its strategy to reduce exposure to capital-intensive telecoms and focus more on its media business. Vivendi had initially hoped to get as much as €5bn for the stake, but the lower price was seen as reasonable given Maroc Telecom’s lacklustre performance.