November 5, 2013 / 6:48 AM / 5 years ago

Vivendi says reaches deal to Maroc Telecom stake

A woman is silhouetted as she walks past the main entrance of the entertainment-to-telecoms conglomerate Vivendi's headquarters in Paris, August 28, 2013. REUTERS/Christian Hartmann

PARIS (Reuters) - France’s Vivendi (VIV.PA) said on Tuesday it had signed a definitive agreement for the sale of its 53 percent shareholding in Maroc Telecom to Etisalat, the UAE’s no.1 telecom operator, for a total of euros 4.2 billion in cash.

The agreement is subject to regulatory approval, particularly in the countries where Maroc Telecom operates, the French company said, adding it was confident the widely expected transaction would be completed by early 2014.

“The sale is part of Vivendi’s strategy to focus and strengthen its businesses around media and content activities,” Vivendi said in a statement.

Reporting by Tim Hepher

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