SFR owner Vivendi has announced it has entered into exclusive negotiations with Etisalat about the sale of its stake in Maroc Telecom.

The France-based media conglomerate, which has been looking to get rid of its majority interest for a while, said a deal worth €4.2 billion in cash has been agreed.

A final agreement, which is subject to consultation with the French Works Councils and between Etisalat and the Moroccan government as well as the usual regulatory hurdles, would see the deal close by the end of the year.

Maroc Telecom is Morocco’s incumbent operator with around 30 million subscribers in its home market, Mauritania, Burkina Faso, Mali and Gabon.

In 2012, the operator had revenues of €2.7 billion.

UAE-based Etisalat already has several business interests in Africa, including subsidiaries in Egypt and Nigeria.

Vivendi has seen the value of its telecoms portfolio decline over recent years. SFR, which provided it with over €11 billion in revenues last year, has been hit by the entrance of Free Mobile into the French market.

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