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Some announcements feel like breakups, while others seem like logical conclusions. The historic agreement between Maroc Telecom (IAM) and Inwi is a bit of both. By agreeing to share their telecommunications infrastructure, the two companies are ending years of legal battles while changing the rules of a market that used to resemble a cold war.
The two operators will share their passive infrastructure through two joint ventures, FiberCo and TowerCo, each with a 50-50 stake. The numbers are impressive: a 4.4 billion dirham investment for the first phase, one million homes connected to fiber optics in two years, 2,000 telecommunications towers built or renovated in three years, and 6,000 towers over the next decade. For an industry looking to speed up its transition to 5G and fiber, this partnership is a game-changer.
But beyond the promises of better connectivity, this deal raises some important questions. Is it a marriage of convenience driven by economic pressures, or a sign of inevitable consolidation in a market where infrastructure costs are high and short-term profits are tough to come by? The answer may lie in the recent history between IAM and Inwi. Just months ago, the two were battling it out in court, with Maroc Telecom hit with a record fine of 6.38 billion dirhams for abusing its dominant position. Now, that fine has turned into a deal: IAM will pay 4.38 billion dirhams in exchange for a partnership that could reshape the sector.
IAM's stock was suspended on the Casablanca Stock Exchange ahead of Thursday's official announcement, sparking speculation. Now, the big question is regulatory: will the ANRT approve this deal without hesitation, even though it could strengthen the IAM-Inwi duopoly at the expense of the third player, Orange?
