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Etisalat has Ample Funds for Meditel Acquisition: Banker
LONDON — Bankers are working on financing to back bids for a potential 64.4 per cent stake in Morocco’s second-largest telecoms company Meditel, bankers close to the deal said on Friday.
Portugal Telecom’s 32.2 per cent stake is for sale as is Telefonica’s 32.2 per cent, two bankers said.
Portugal Telecom appointed Morgan Stanley earlier this year to run a sales process, Reuters reported, and Telefonica appointed Lazard to advise on a sale in early June.
The key issue for a successful sale is striking a deal with minority shareholders with pre-emption rights. The shareholders are being advised by Rothschild, one banker said.
Prequalified bidders have submitted final bids including frontrunners Oger Telecom, an emerging markets telecom group controlled by the Saudi Oger Group, Qatar Telecommunications Co. and Emirates Telecommunications Co., which is known as Etisalat, the banker said.
BNP Paribas Fortis is providing financing for Oger Telecom’s bid, a third banker said, while Qtel has just raised a $2 billion syndicated loan and Etisalat has the funds to pay for the acquisition, the first banker said.
Batelco, Turkcell and Telecom Egypt have also submitted bids, the first banker said.
Etisalat is being advised by Citigroup and Qtel is being advised by Calyon.
Confirmed bids are due by September 14 and bankers expect a decision later that month, the third banker said.
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