France’s Orange Increases Stake to 49% in Moroccan Subsidiary Meditel

The French telecom service provider Orange has increased its stake in Morocco’s telecom operator Meditel to 49 percent, after acquiring an additional 9% on Friday.

A joint statement said that the Deposit and Management Fund (CDG), FinanceCom and Orange signed the final document on Friday, increasing Orange’s interest in Méditel.

The increased stock in Meditel, which offers both landline and mobile services, follows an agreement drafted in 2010, added the statement.

This transaction will give Orange an additional 9% of Méditel’s capital along with the benefits set out in the December 2010 agreements.

Following this transaction, Orange now holds 49 percent of Méditel’s share capital, FinanceCom holds 25.5 percent while CDG owns 25.5 percent.

This comes at a time when multiple reports suggested Orange was planning onacquiring a controlling stake in Méditel to rename it Orange Morocco.

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