France's Orange builds 49 pct stake in Moroccan telecom firm Meditel

French telecom operator Orange said on Friday it had acquired an additional 9 percent stake in Moroccan operator Meditel, raising its total holding to 49 percent. Meditel, created in 1999, commands a 31 percent share of the Moroccan mobile phone market with 13 million subscribers, the former French telecom monopoly said in a statement.

Meditel's board will now be composed of five members named by Orange, and four by Moroccan shareholders. The company will be fully consolidated in Orange's accounts.

Financial details of the deal were not disclosed.
 source: zawya