STC looks for USD 1 bln in financing to complete Vodafone Egypt deal

News Wireless Saudi Arabia 24 SEP 2021
STC looks for USD 1 bln in financing to complete Vodafone Egypt deal

STC and Vodafone Egypt have returned to the discussion floor, regarding the sale of Vodafone's 55 percent stake in Vodafone Egypt, after getting disrupted in December, CNBC reported, citing banking sources. These added that the Saudi company is looking to secure a soft loan of about USD 1.1 billion. The sources noted that STC getting the financing is subject to company approval and that the new negotiations could still falter.

On 29 January 2020, the two companies signed a memorandum for STC to buy Vodafone Group’s stake in Vodafone Egypt for USD 2.39 billion, valuing Vodafone Egypt at USD 4.35 billion.

Categories:

Mobile

Companies:

Vodafone Group,  STC,  Vodafone Egypt

Countries:

Saudi Arabia

Tags:

Enterprise, Corporate strategy, Financial funding, M&A buyouts & divestments

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