Final details of Maroc Telecom’s 2007 purchase of Gabon Telecom concluded

29 Dec 2010

Maroc Telecom and Gabon’s government signed, on 23 December 2010, an amendment to the share purchase agreement of 2007 under which the Moroccan telco bought 51% of Gabon Telecom, thus bringing to a conclusion the acquisition process, Global Arab Network reports, according to MAP. The agreement marks the finalisation of closing-related operations, notably the financial restructuring of the business, the fulfilment of various legal preconditions, the implementation of a redundancy plan, responsibility for which was assumed by the Gabonese government, as well as the payment of various reciprocal debts, Maroc Telecom said in a press release. Under this agreement, Maroc Telecom paid to the Gabonese state the balance amounting to EUR34.7 million of the purchase price, in addition to the initial payment of EUR26.3 million, for a total of EUR61 million.

Gabon, Gabon Telecom (Moov Africa), Maroc Telecom (IAM)