Vodafone terminates acquisition talks with STC over Egyptian stake

Nieuws Mobiel Egypte 21 DEC 2020
Vodafone terminates acquisition talks with STC over Egyptian stake

Vodafone Group said its discussions with Saudi Telecom Company (STC) regarding the sale of Vodafone's 55 percent shareholding in Vodafone Egypt have been terminated. Vodafone Group CEO Nick Read said the Egyptian government is committed to an optimal framework for the telecoms sector, which will enable Vodafone Egypt to fulfil the country's vision of digitisation and financial inclusion, and create a technology hub to support its growth in the African region.

In January, STC signed a non-binding agreement to buy the stake for USD 2.4 billion, extending the offer in April and again in July. It had been expected to close in June, and valued Vodafone Egypt at USD 4.4 billion. The non-binding agreement was reached before the Covid-19 crisis struck and STC cited logistical challenges caused by the pandemic when it announced a 90-day extension in April.


Categories:

Mobiel

Companies:

Vodafone,  Vodafone Group,  STC,  Vodafone Egypt

Countries:

Egypte,  Saoedi-Arabië

Tags:

Network operations services, Wireline, Wireless, M&A buyouts & divestments

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