France Telecom acquires 40% Medi Telecom stake

France Telecom acquires 40% Medi Telecom stake for US$840 million
MOROCCO’S second largest telecommunications operator, Medi Telecom has sold 40% of its shares to France Telecom for US$840 million, a senior officials has announced.

France Telecom Chief Executive, Stephane Richard, said the acquisition of Medi Telecom would boost growth outside Europe by expanding in Africa.

Richard said France Telecom was looking forward to doubling their investments in Morocco in the next five years.

The French telecommunications giant indicated its desire to increase its stake from a projected 49% in 2011 to 49% in four years’ time.

Medi Telecom is the second largest Moroccan telecommunications company with more than 10 million subscribers.

ISMAIL AHMED in Casablanca, Morocco