Emirates Telecommunications Group Company PJSC signed an agreement to acquire 4.6% stake in Itissalat Al-Maghrib S.A. for approximately $510 million (AED 1.9 billion).

Emirates Telecommunications Group Company PJSC (ADX:ETISALAT) signed an agreement to acquire 4.6% stake in Itissalat Al-Maghrib (IAM) S.A. (CBSE:IAM) for approximately $510 million (AED 1.9 billion) on August 17, 2021. The acquisition consideration is subject to change based on prevailing market conditions such as foreign exchange rate prior to the transaction completion. Emirates Telecommunications Group Company PJSC stake in Itissalat Al-Maghrib (IAM) S.A. will increase from 48.4% to 53%.

The acquisition will be funded by bank borrowings. Closing of the transaction is subject to fulfilling certain conditions.