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22 September 2010 - Gide Loyrette Nouel Casablanca advises FinanceCom on an agreement for the sale to France Telecom of a 40% stake in Morocco's second largest telecoms operator Meditel:
Gide Loyrette Nouel Casablanca has advised FinanceCom group (FinanceCom, RMA Watanya and Medium Finance) on a memorandum of understanding with France Telecom and Caisse de Dépôt et de Gestion (CDG) group for the acquisition by France Telecom of a 40% stake in the capital and voting rights of Médi Télécom.
The transaction amounts to EUR 640 million for the acquisition of a 40% stake in the capital and voting rights of Médi Télécom from its owners FinanceCom and CDG groups, which values the company at EUR 2.140 million. Upon completion of the transaction, France Telecom will also take over 40% of the shareholder accounts of Médi Télécom, i.e. around EUR 78 million.
The transaction is expected to take place by the end of 2010 but the final closing of the agreement remains conditional upon the approval of the Moroccan regulatory authorities.
Gide Loyrette Nouel Casablanca advised FinanceCom S.A., RMA Watanya and Medium Finance. The team comprised partner Hicham Naciri, and M&A associate Sylvain Aoust.
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