Cuatrecasas, Gonçalves Pereira advises Telefónica on selling Its 32% stake in Moroccan Telecom Meditel

September 3, 2009

Spanish law firm Cuatrecasas, Gonçalves Pereira advised Telefónica on Moroccan law to sell its 32.18% stake in Medi Telecom S. A. (Meditel) to the local shareholders (Financecom S.A., RMA Watanya S.A. and Fipar Holding) for a total value of €400 million.

Telefónica’s move follows Portugal Telecom, who also recently announced that it sold its 32.2% in Meditel. This will leave the bulk of the Moroccan company in local hands, once the competition authority authorizes the transaction. It is expected to issue its decision in December.

Corporate senior lawyer Fedwa Bouzoubaa, managing partner of Cuatrecasas Gonçalves Pereira in Casablanca, led the deal, with corporate partner Miguel Guerrero and associates Imane Belmejdoub and Nadia Azmi also participating.

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