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PT, Telefonica sell Meditel stakes
2/9/2009

Portugal Telecom has agreed to sell its 32.2 percent stake in Moroccan mobile operator Meditel for EUR 400 million to a group of Moroccan companies. Telefonica also confirmed the sale of its 32.2 percent stake for the same amount to Meditel's local shareholders.

  Source Telecompaper
 
Article

PT, Telefonica sell Meditel stakes

Telecompaper


Portugal Telecom has agreed to sell its 32.2 percent stake in Moroccan mobile operator Meditel for EUR 400 million to a group of Moroccan companies. Telefonica also confirmed the sale of its 32.2 percent stake for the same amount to Meditel's local shareholders. The transaction is expected to close by year-end. The buyers include Moroccan insurance company RMA Watanya, the CDG fund, which is Morocco government's financial arm, and privately-owned group Finances.com. RMA Watanya and Finance.com are owned by businessman Othman Benjelloun, who already had a 5 percent share in Meditel. The transaction assumes an enterprise value of EUR 1.619 billion for all of Meditel, equal to 8.4 times EBITDA for the last 12 months.

 
 
 
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