KT is set to take over Morocco's Maroc Telecom. According to investment banking sources on February 3, KT has selected U.S. law firm Cleary Gottlieb Steen & Hamilton LLP as the principal underwriter of the deal. With this, KT is ready to acquire the former Moroccan state monopoly as it has enlisted Credit Suisse, Citigroup Global Markets, and Societe Generale to play the role of financial and accounting consultants.

 

In addition to Cleary Gottlieb, KT is in talks with Kim & Chang, Korea's largest law firm, to sign it up as a legal adviser. Late last year, KT participated in the preliminary bidding to acquire the controlling shares in Maroc Telecom.

 

Currently, four bidders including France Telecom, Qatar Qtel, Etisalat, as well as KT have been shortlisted for the final bidding. The total acquisition price is estimated at US$7 billion, the largest overseas acquisition case ever overtaking the previous case of Bobcat by Doosan Infracore ($5.1 billion).