Telecompaper

Portugal Telecom has agreed to sell its 32.2 percent stake in Moroccan mobile operator Meditel for EUR 400 million to a group of Moroccan companies. Telefonica also confirmed the sale of its 32.2 percent stake for the same amount to Meditel's local shareholders. The transaction is expected to close by year-end. The buyers include Moroccan insurance company RMA Watanya, the CDG fund, which is Morocco government's financial arm, and privately-owned group Finances.com. RMA Watanya and Finance.com are owned by businessman Othman Benjelloun, who already had a 5 percent share in Meditel. The transaction assumes an enterprise value of EUR 1.619 billion for all of Meditel, equal to 8.4 times EBITDA for the last 12 months.