Qtel studying Maroc Telecom's books on potential Vivendi stake purchase [National, The (United Arab Emirates)]
(National, The (United Arab Emirates) Via Acquire Media NewsEdge) Bloomberg News
Qatar Telecom, the Arab world's second-biggest phone company by sales, is studying Maroc Telecom's financials as it considers buying Vivendi's 53 per cent stake in the carrier, its chief executive officer said.
Qatar Telecom is one of several companies interested in the stake and expects no difficulty financing a deal, the company's chief executive Nasser Marafih said in an interview at the Mobile World Congress in Barcelona.
"The company has the capacity to finance it," Mr Marafih said. "We need to figure out what it's worth, not only in the short term but also in the longer term."
Qatar Telecom proceeding to the so-called due diligence phase signals Vivendi may be nearer to finding a buyer for the Moroccan stake, valued by the market at US$5.9 billion, than for the GVT Brazilian phone unit that has also been put up for sale. Paris-based Vivendi has also received interest for Maroc Telecom from UAE's Etisalat. Maroc Telecom's other investors include the Moroccan government.
South Korea's KT Corp is no longer a leading candidate for the asset, said two people familiar with the situation. France Telecom, Vivendi's rival in France, has no plans to acquire the unit, strategy chief Elie Girard said.
JPMorgan Chase & Co is advising Qatar Telecom on Maroc Telecom.
* Bloomberg News
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