Connecting Africa is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 3099067.

Business of Tech

Etisalat ups ownership in Maroc Telecom to 53%

Article Image
Middle Eastern operator Etisalat Group is upping its stake in Maroc Telecom and will soon own 53% of the pan-African telco in a deal worth US$505 million.

Etisalat Group CFO Karim Bennis confirmed in a regulatory filling to the Abu Dhabi Securities Exchange that the group had signed an agreement with Abu Dhabi Fund For Development to acquire their stake in Etisalat Investment North Africa LLC (EINA) of 8.7%, increasing Etisalat Groups’ ownership to 100%.

This acquisition will ultimately increase Etisalat Group’s effective ownership in Maroc Telecom from 48.4% to 53% because EINA holds investment in Société de Participation dans les Télécommunications (SPT), that holds investment in Maroc Telecom.

"This will positively impact Etisalat Group’s consolidated net profits due to lower minority interest of group consolidated results and potentially increase future dividends from Maroc Telecom Group," Bennis said.

Maroc Telecom – which is listed on the Casablanca Stock Exchange and Euronext Paris – has operations in home market of Morocco as well as 10 other African countries, mostly in West Africa. In January, the company rebranded all its African branches into "Moov Africa."

The group operates subsidiaries in Benin, Burkina Faso, Ivory Coast, Gabon, Mali, Mauritania, Niger, Chad, Togo and the Central African Republic. At the end of March 2021, the group's customer base totaled over 73 million.

The US$505 million acquisition cost is still subject to change "based on prevailing market conditions such as foreign exchange rate prior to the transaction completion," Etisalat said. Bennis said the acquisition will be funded by bank borrowings.

*Top image source: Yazid97 via Creative Commons License.

— Paula Gilbert, Editor, Connecting Africa

Innovation hub


Orange Ventures, Digital Africa promise more funding for startups

Orange Ventures and Digital Africa are teaming up to invest more in tech startups in Africa and the Middle East through Digital Africa's Fuzé program and the Orange Digital Center network.


Hot startup of the month: Rwanda's Ampersand

Connecting Africa's hot startup this month is Rwanda's Ampersand, which designs, builds, and manufactures electric motorcycles and battery packs for motorcycle taxis.

More Innovation hub

Latest video

More videos

Partner perspectives

All Partner Perspectives

Sponsored video

More videos

Follow us on X

Industry announcements

More Industry announcements

Upcoming events

Africa Tech Festival 2024
November 11-14, 2024
Cape Town, South Africa
More Upcoming events

Africa Tech Perspectives


Uber's Marjorie Saint-Lot on inclusion and sustainability in Africa

Uber's Country Manager for Ghana and Cote d'Ivoire, Marjorie Saint-Lot, shares how the ride-hailing company is approaching public-private partnerships, environmentally friendly initiatives and gender inclusion in Africa.


The 100 most influential African leaders in 2023

A new report from Africa Tech Festival and Connecting Africa puts a spotlight on the top 100 African leaders in the telecoms and technology sector in 2023.


Deep dive into East Africa's tech startup ecosystem

New survey reveals a lack of access to investors, reliance on international VCs and global recession trends as the biggest barriers for East African tech startups to access funds.

More Africa Tech perspectives

Guest Perspectives


Omdia View: April 2024

By Omdia Analysts

April 2024's telecoms highlights in the Middle East and Africa included a license for Starlink in Ghana, new mobile termination rates in Ethiopia, and 6G trials in Bahrain – that and more in the latest Omdia View.


Leveraging agritech to build resilience against climate change

By Francis Hook

ICT analyst Francis Hook discusses agritech in Africa and how the agricultural sector is using technology to build resilience against the negative effects of climate change and to ensure food security.

More Guest Perspectives

Like us on Facebook

Newsletter Sign Up

Sign Up
Tag id test-002