Etisalat, the UAE’s biggest telecoms operator, will sell its West African operations to Maroc Telecom in a deal worth US$650 million (Dh2.38 billion), ahead of the completion of its acquisition of a majority stake in the Maghreb company.
Etisalat is selling its operations in Benin, the Central African Republic, Gabon, Ivory Coast, Niger and Togo, it said.
These operations provide mobile voice and data services under the Moov brand. The deal will also include Prestige Telecom in Ivory Coast, which provides IT services to the operations of Etisalat in those countries.
In November, Etisalat agreed to buy French Vivendi’s 53 per cent stake in Maroc Telecom in a deal worth $5.8bn. The deal is expected to be completed by the end of this month and will help Etisalat expand its presence in Africa. Etisalat also operates in a number of other African countries, including Sudan, Nigeria and Tanzania.
Last week, Etisalat said that it had signed a €3.15bn (Dh16.05bn) multi-currency loan to finance the acquisition of Vivendi’s stake in Maroc Telecom. The loan was signed with 17 international, regional and local banks.
“Today’s deal will allow Etisalat to transfer the management of its operations in francophone West Africa to Maroc Telecom,” said Matthew Reed, a principal analyst at Informa Telecoms and Media in Dubai.
“Maroc Telecom is seen as having been successful with its existing operations in sub-Saharan Africa.”
Closing the deal is subject to Etisalat’s acquisition of Maroc Telecom and regulatory approvals in the West African countries.
Mr Reed pointed out that there was an overlap between Etisalat and Maroc Telecom operations in Gabon. Etisalat has Moov (Atlantique) while Maroc Telecom controls Gabon Telecom.
“There could be a problem with the competition or regulatory authorities,” said Mr Reed.
Separately, the Cairo-based investment bank Beltone Financial said it expected Etisalat’s West African operations to account for 6 per cent of the company’s total revenues this financial year.
Etisalat’s African operations contributed to 7 per cent of the group’s revenue in the first quarter of this year.
Etisalat, which has subsidiaries in 15 countries in the Middle East, Africa and Asia, reported a first-quarter net income of Dh2bn, up 11 per cent year-on-year, as its subscribers across the group grew 3 per cent to 145 million.
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Volunteers offer workers a lifeline
Community volunteers have swung into action delivering food packages and toiletries to the men.
When provisions are distributed, the men line up in long queues for packets of rice, flour, sugar, salt, pulses, milk, biscuits, shaving kits, soap and telecom cards.
Volunteers from St Mary’s Catholic Church said some workers came to the church to pray for their families and ask for assistance.
Boxes packed with essential food items were distributed to workers in the Dubai Investments Park and Ras Al Khaimah camps last week. Workers at the Sonapur camp asked for Dh1,600 towards their gas bill.
“Especially in this year of tolerance we consider ourselves privileged to be able to lend a helping hand to our needy brothers in the Actco camp," Father Lennie Connully, parish priest of St Mary’s.
Workers spoke of their helplessness, seeing children’s marriages cancelled because of lack of money going home. Others told of their misery of being unable to return home when a parent died.
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Tank warfare
Lt Gen Erik Petersen, deputy chief of programs, US Army, has argued it took a “three decade holiday” on modernising tanks.
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“We are developing next generation capabilities to compete with and deter adversaries to prevent opportunism or miscalculation, and, if necessary, defeat any foe decisively.”
How to watch Ireland v Pakistan in UAE
When: The one-off Test starts on Friday, May 11
What time: Each day’s play is scheduled to start at 2pm UAE time.
TV: The match will be broadcast on OSN Sports Cricket HD. Subscribers to the channel can also stream the action live on OSN Play.
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Mobile phone packages comparison
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Rating: 3.5/5
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Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, Leon.
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
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Name: Lynn Davison
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