Emirates Telecommunications Corporation (ADX:ETISALAT) entered into an exclusive agreement to acquire 53% stake in Itissalat Al-Maghrib (IAM) S.A. (CBSE:IAM) from Vivendi Société Anonyme (ENXTPA:VIV) for €4.1 billion in cash on July 22, 2013. Under the terms of agreement, Emirates Telecommunications Corporation will acquire 465.9 million shares of Itissalat Al-Maghrib. Emirates Telecommunications Corporation signed a two part €3.15 billion facility to finance this transaction. The bulk of the facility is a €2.1 billion one-year bridge loan. The second tranche is a €1.05 billion three year term loan priced at 87 basis points above EURIBOR.

The deal is subject to execution of a shareholders' agreement with the Kingdom of Morocco regarding Maroc Telecom, securing competition and regulatory and approvals in Morocco. As on August 29, 2013, Vivendi SA is expected to complete the deal by end of year 2013. As of September 11, 2013, the deal will close in one to two months time. As of November 4, 2013, Emirates signed a definitive agreement to acquire 54% stake of IAM. The transaction is subject to certain conditions, particularly the approval from the regulatory authorities in the countries where Maroc Telecom operates. The transaction is expected to complete in early 2014. As on May 8, 2014, all conditions with respect to the transaction are fulfilled and the transaction is expected to close on May 14, 2014. Vivendi will use the proceeds of its sales to reduce its net debt.

Luc Dezert, Alban Bouley of BNP Paribas and David Willems, Philippe Chavane of PwC acted as financial advisors, Mahat Chraibi of Landwell and Sibylle Renard-Payen, Mohamed Mahjoubi, Pierre-Marie Boya, Hervé Pisani, Alan Mason and Jérôme Philippe of Freshfields Bruckhaus Deringer acted as legal advisor for Emirates Telecommunications Corporation. Bennani & Associés acted as legal advisor in the transaction. Ariel Harroch and Judith Raoul-Bardy, Marie-Laure Maertens, Marie-Charlotte Trebuchet of Gibson, Dunn & Crutcher LLP acted as legal advisor for Vivendi.

Mohamed Hdid of Saaidi Hdid Consultants acted as public relation advisor in the transaction. Charles-Hubert de Chaudenay, Benoît Fosseprez of Credit Agricole and Vincent Le Stradic of Lazard acted as financial advisor for Vivendi. BNP Paribas and Attijariwafabank acted as financial advisor for Emirates Telecommunications Corporation. Nadia Kettani of Kettani Law Firm acted as legal advisor for Gibson, Dunn & Crutcher LLP. Moelis & Company acted as the financial advisor to Emirates Telecommunications Corporation. Latham & Watkins LLP acted as legal advisor to Emirates Telecommunications Corporation. Nadim Khan, Louise Shelford and Aditi Sanyal of Herbert Smith Freehills acted as the legal advisor for the group of seventeen international, regional and local banks on a €3.15 billion financing for Emirates Telecommunications Corporation. Alain Malek of Norton Rose LLP acted as legal advisor for Moroccan government.