Mergers and Acquistions News
Categories: Telecoms
September 24th 2010, 16:04PM
France Telecom, FinanceCom and Fipar Holding (CDG) have agreed a "memorandum of understanding" that will see France Telecom acquire a 40 per cent stake in Medi Telecom, Morocco's second biggest telecoms provider.
The move is part of France Telecom's expansion into markets outside of Europe.
Operating since 1999, Medi Telecom has licenses for fixed, mobile and 3G capabilities and has established international recognition for its work.
It has over ten million subscribers and a market share of 37 per cent, and posted sales of more than 5.3 billion dirham (£396 million) last year.
"The acquisition of this stake in Medi Telecom is the first concrete step in our new policy of expansion outside Europe, and contributes to our stated aim of doubling our revenues in Africa and the Middle-East over the next five years. I am delighted to contribute to this strategic partnership, which can only strengthen Medi Telecom's profile as a dynamic and solid company," said Stephane Richard, France Telecom's chief executive officer.
The French operator will leverage its marketing, commercial and technical expertise to evolve Medi Telecom in emerging sectors like mobile voice and data communications.
This week the firm also agreed to establish a new submarine cable in the Indian Ocean.
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