France Telecom buys stake in Moroccan operator
France Telecom said Tuesday it had acquired a 40 percent stake in Morocco's second largest operator, Medi Telecom, for 640 million euros (840 million dollars).
"This stake in Medi Telecom is the first manifestation of our new policy to promote growth outside Europe and supports our announced goal of doubling sales in the next five years in Africa and the Middle East," France Telecom's chief executive Stephane Richard said.
The French group said it hoped to boost its stake to 45 percent next year and 49 percent by 2015.
It said that with more than 10 million mobile phone subscribers, or 37 percent of the market, Medi Telecom had sales last year equivalent to 465 million euros.
France Telecom will join two other Medi Telecom shareholders, Caisse de Depot et de Gestion and FinanceCom.
© 2010 AFP