KT Corp (KRX:030200) has made a preliminary, non-binding offer to buy Vivendi SA’s (EPA:VIV) interest in Morocco’s Maroc Telecom SA (EPA:IAM), Bloomberg reported, quoting a spokeswoman for the South Korean telecom operator.
According to Economic Daily, the French media and telecoms group aims to offload its 53% interest in Marco Telecom for some EUR5.5bn (USD7.3bn). It has hired Lazard Ltd (NYSE:LAZ) and Credit Agricole SA (EPA:ACA) to advise on the divestment, Bloomberg said, citing unnamed insiders.
France Telecom SA (EPA:FTE), Qatar Telecom QSC (Qtel) and Emirates Telecommunications Corp (Etisalat) are also interested in the Moroccan firm, Reuters reported earlier this month. France Telecom is potentially eyeing an investment as long as certain conditions, such as price and any asset overlap, are met, while Qtel, which has been keeping a close watch at Morocco, might also consider a deal, top managers at the companies have said, quoted by Bloomberg.
KT has said it is zeroing in on growth in emerging economies, including in Central American and African countries.