Press release from the Competition Council regarding the economic concentration project concerning, on the one hand, the joint takeover of the company “Issal Fès SA” by the company “Transdev Maroc Holding SA” alongside its historical shareholder “CTM SA” and, on the other hand, the creation of two joint ventures

In accordance with Article 13 of Law No. 104-12 on freedom of prices and competition and Article 10 of Decree No. 2-14-652 adopted for its implementation as amended and supplemented, the Competition Council makes available to the public the following “operation summary” containing information provided by the parties.

This information has been prepared by the notifying parties, who are solely responsible. Any inaccurate or distorted information contained therein does not in any way prejudge the Competition Council’s position on the proposed operation.

The publication of this press release does not confirm the completeness of the file provided for in Article 9 of Decree No. 2-14-652 adopted for the implementation of Law No. 104-12 on freedom of prices and competition as amended and supplemented.

Names of the companies and individuals involved:

The parties:

• Company “Compagnie de Transports au Maroc SA” (CTM);
• Company “Transdev Maroc Holding SA”;

The targets:

• Company “Issal Fès SA”;
• Company “Issal Tanger SA”;
• Company “Issal Tétouan SA”.

Nature of the operation:

• Joint takeover;
• Creation of joint ventures.

Economic sector concerned:

• Delegated management sector of the public bus transport service.

Deadline for interested third parties to submit their observations:

• 10 days from the date of publication of this press release, i.e., May 18, 2026.

NON-CONFIDENTIAL SUMMARY OF THE OPERATION PROVIDED BY THE PARTIES

The Competition Council has received a notification of an economic concentration project concerning, on the one hand, the joint takeover of the company “Issal Fès SA” by the company “Transdev Maroc Holding SA” alongside its historical shareholder “CTM SA” through the acquisition of 49% of its share capital and voting rights, and, on the other hand, the creation of two joint ventures, the companies “Issal Tanger” and “Issal Tétouan”.

“Transdev Maroc Holding” is a Moroccan public limited company, headquartered at Avenue Attine Mahaj Ryad Center, 5th Floor, Buildings 7 and 8, Hay Ryad, Rabat, and registered with the Rabat Trade Register under number 170223. The company is a subsidiary of the international group Transdev, specialized in public bus transport services.

“Compagnie de Transports au Maroc (CTM) is a Moroccan public limited company, headquartered at Km 13.5, Casa Sidi Bernoussi highway, Casablanca, and registered with the Casablanca Trade Register under number 30831. The company specializes in passenger transport services by bus and courier services in Morocco and abroad.

“Issal Fès SA” is a Moroccan public limited company, headquartered at Rue Kandar, Atlas, Fès, and registered with the Fès Trade Register under number 85239. The company manages the delegated management of the public bus transport service within the perimeter of the Fès municipality, as well as neighboring municipalities.

The joint ventures, “Issal Tanger” and “Issal Tétouan” will be established as Moroccan public limited companies, whose activities will consist, respectively, in the delegated management of the public bus transport service within the area under the jurisdiction of the Inter-municipal Cooperation Establishment (ECI) “Al Boughaz” and the delegated management of the public bus transport service within the urban municipality of Tétouan and certain surrounding municipalities.

Done in Rabat, May 7, 2026