PARIS (AP) — French entertainment company Vivendi has signed a final agreement to sell its stake in Maroc Telecom to UAE-based telecoms company Etisalat for 4.2 billion euros ($5.7 billion).
Vivendi, which had gone on an acquisition binge to bring together content and distribution under one roof, now says it wants to refocus its business around media and content only. The owner of Universal Music record producer and Canal Plus TV and film studio said last month that it was considering breaking off struggling French telecom company SFR as part of that plan.
Tuesday's announcement of the sale of Vivendi's 53 percent stake in Maroc Telecom shows the streamlining is beginning. The sale still requires regulatory approval but is expected to be finalized by the beginning of next year.