Telefonica is selling its stake jointly with Portugal Telecom, resulting in the transfer of a combined 64.36% interest in Méditel.

These stakes were taken over by local Méditel shareholders - FinanceCom, insurance company RMA Watanya and Fipar Holding, a CDG fund unit- for a total amount of EURO 400 million.

RMA Watanya and FinanceCom belong to BMCE Bank's Othman Benjelloun, who already holds 5% of Meditel.

“After a very successful experience in Méditel, Telefonica considers that it is the appropriate time to crystallise the value created throughout this decade in Morocco,” said Telefonica in a press release.

The company added that its growth strategy is focused on the markets in which it has a strong foothold: Spain, Europe and Latin America.

Although the deal has been sealed, the agreeing companies need to wait for the approval of the Moroccan telecommunications regulator. The transaction is expected to be completed by the end of the year.

Méditel is the second telecoms operator in Morocco, mainly in the wireless market. Telefonica and Portugal Telecom have been shareholders in Méditel for more than 10 years.

A number of international telecoms operators showed interest in buying the stakes, including Qatar Telecommunications (Qtel), Emirates Telecommunications (Etisalat) and Oger Telecom, a telecom group controlled by the Saudi Oger Group.