France Telecom confirmed its intention to acquire an initial stake of 40% in Médi Télécom, Morocco's second largest telecoms operator with licenses for fixed, mobile and 3G. The deal is valued at 640 million euros.
Médi Télécom claims over 10 million mobile subscribers and a market share of 37%. It has published sales of over 5.3 billion dirham (465 million euros) in 2009 with an EBITDA margin of 40% and an operational cash-flow of around 1.4 billion dirham (131 million euros).
Stéphane Richard, France Telecom's CEO, said "The acquisition of this stake in Médi Télécom 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 Médi Télécom's profile as a dynamic and solid company."http://www.francetelecom.com
http://www.meditelecom.ma/
- In July 2010, France Telecom-Orange announced a five year strategic plan to transform its corporate culture and conquer new markets and new business opportunities in the coming digital economy of billions of interconnected devices. The plans were disclosed by Stephane Richard, underscored opportunities in Africa and the Middle East.
