Emirates Telecommunications Corp., the United Arab Emirates’ most valuable company, agreed to acquire Vivendi SA’s controlling stake in Maroc Telecom SA for about 4.2 billion euros ($5.7 billion) in the Middle East’s largest takeover of a phone carrier.      The purchase price for the 53 percent holding, at 100 Moroccan dirhams a share in cash, includes a 7.4-dirham dividend to be paid to Vivendi, the Abu Dhabi-based carrier also known as Etisalat said today. In a separate release, Vivendi said it expects the deal to be completed in early 2014.      The takeover will hand Etisalat control over the biggest wireless carrier in Morocco, adding to its African operations that include Egypt and Nigeria. For Vivendi, selling telecommunications assets is a key part of the Paris-based company’s plan to transform into a new entity built around music, pay-television, European cinema and Internet in Brazil.      “This acquisition is positive for Etisalat given its existing strong presence in North Africa,” Shrouk Diab, an analyst at NBK Capital in Dubai, said by telephone. “If managed properly, Etisalat could derive a lot of cost synergies and revenue from the operations there.”      The price values Maroc Telecom at 6.2 times the company’s earnings before interest, taxes, depreciation and amortization, compared with a median of 9.5 times among its peers, according to data compiled by Bloomberg.

Overseas Expansion

Subscribe Now

Complete access to real-time information and analysis of news and trends in the industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.