Bloomberg is reporting that Spanish telecoms giant Telefonica is willing to sell its 32% stake in Moroccan GSM network operator Medi Telecom (Meditel) if fellow shareholder Portugal Telecom (PT) succeeds in its attempt to find a strategic buyer for its stake of equal size. The report quotes an insider who wished to remain anonymous.
PT recently appointed Morgan Stanley to find a buyer for its Meditel holding, which Orascom Telecom of Egypt and UAE-based Etisalat have expressed an interest in, whilst several other Middle Eastern telecoms investors are reportedly keen to enter the Moroccan market. Quoting a Banco BPI analyst, Bloomberg says that a 32% slice of Meditel is worth USD605 million.
The remainder of Meditel's shares are held by a group of Moroccan investors led by Banque Marocaine du Commerce Exterieur (BMCE) and including Caisse de Depots et de Gestion (CDG, a former part-owner of rival Wana).