Qatar Telecom (Qtel), known as Ooredoo, withdrew its recently submitted bid to buy France's Vivendi's 53% stake in Morocco's Maroc telecom, the Financial Times reported. The UAE’s Etisalat, thus, remains the sole bidder and the likely winner after the withdrawal of South Korea's KT Corp and Qatar Telecom.
“It was no longer in the best interests of shareholders to continue to commit capital to what had become a lengthy process,” Nasser Marafih, Qatar Telecom’s CEO, was quoted as saying.
Qatar Telecom has recently arranged a USD 12bn club loan with ten banks to finance its potential purchase of Vivendi’s stake. Vivendi's 53% stake in Maroc Telecom is said to be worth USD 5.5bn-USD 6.0bn, according to industry estimates. But a potential acquisition of Vivendi's stake could trigger a mandatory bid to also buy the Moroccan government's current 30% stake in Maroc Telecom, meaning the future buyer will need higher financing.
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