Etisalat is keen to expand its share of the telecommunications sector in Africa following reports that the Abu Dhabi based company has opened talks with banks to secure around $8 billion in loan funds meant to finance its bid for a 53 percent stake in Maroc Telecom.

Vivendi currently owns the 53 percent Maroc Telecom stake that Etisalat is raising funds to bid for. Reuters quoted banking sector officials on Friday confirming the development.

It has also emerged that some of the banks stand to pocket huge sums of money from merger and acquisition as well as advisory roles for the deal.

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