Abu Dhabi –  Emirates Telecommunications Group (Etisalat) has completed the acquisition of Abu Dhabi Fund for Development’s 8.7% stake in Etisalat Investment North Africa (EINA).

This acquisition has enabled Etisalat to raise its ownership in EINA to 100%, according to a bourse filing on Thursday.

The final paid consideration amounted to AED 1.863 billion ($507 million), financed by bank borrowings.

EINA holds investments in Société de Participation dans les Télécommunications (SPT) that invests in Maroc Telecom Group.

Through this transaction, Etisalat increases its ownership in Maroc Telecom Group from 48.4% to 53%.

Source: Mubasher

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