Jeantet, advisor on the sale of part of Maroc Telecom’s share capital by the Kingdom of Morocco
Paris, on July 17, 2019. Jeantet advised Maroc Telecom, the leading telecommunications operator in Morocco listed on the Casablanca Stock Exchange and on the regulated market of Euronext Paris (ticker IAM), on the sale by the Kingdom of Morocco of 8% of Maroc Telecom’s share capital, for a total amount of 8.88 billion dirhams (approximately €825m).
This sale is part of the privatization process of Maroc Telecom initiated in 2001 and is implemented in the framework of the Moroccan 2019 Finance Act.
The sale was carried out in two ways:
- a block trade transaction, intended for institutional investors qualified under Moroccan law, completed on June 17, 2019; and
- an offer for sale to the public on the Casablanca Stock Exchange, based on a prospectus approved by the Moroccan Financial Market Authority (AMMC), whose subscription period opened from June 26 to July 5, 2019 and whose settlement-delivery occurred on July 16, 2019.
With a total of 70,327,600 shares sold as a result of the whole transaction, the Kingdom of Morocco now holds 22% of Maroc Telecom’s share capital and voting rights.
The offer for sale to the public was led by Attijariwafa Bank and Upline Corporate Finance, who acted as financial advisors and global coordinators for the Kingdom of Morocco.
Rothschild & Co acted as financial advisor for Maroc Telecom.