Morocco’s Maroc Telecom announced on its investor website that it has completed the acquisition of an additional 10% of shares in its Burkina Faso subsidiary Onatel, taking its total stake to 61%. The transaction was carried out on the West African regional stock exchange for EUR41 million (USD50.7 million). Maroc Telecom added that the purchase strengthens its position in Burkina Faso, where Onatel is the dominant fixed line/broadband operator whilst running a close second to Orange in the mobile sector.
Maroc Telecom – itself part of the Etisalat group – entered into a strategic partnership with the Burkina Faso government via the privatisation of Onatel in December 2006 when it acquired a 51% stake. TeleGeography’s GlobalComms Database notes that Onatel was listed on the Bourse Regionale des Valeurs Mobilieres (BRVM) exchange (based in Abidjan, Cote d’Ivoire) in April 2009 after a 20% stake was offloaded by the government, which today retains a 26% interest in the telco.