The Moroccan government will float Maroc Telecom by the end of this year and is considering a European or US listing for the group. Vivendi Universal, the French telecoms and media group, paid $2.2bn (€1.8bn) for a 35% stake in Maroc Telecom four years ago.

Merrill Lynch and BNP Paribas were awarded joint bookrunner roles on Maroc's initial public offering in June. Attijari, a Moroccan bank, is also a bookrunner for the domestic tranche of the offer.