Saudi Telecom Company (STC) has postponed talks to raise debt to fund the acquisition of Vodafone Group’s stake in its Egyptian business because of the coronavirus outbreak, Bloomberg reported citing unnamed sources. Work on the acquisition is still continuing and STC may resume negotiations with banks for a loan of more than USD 2 billion once things have settled, the report said.
Talks started before the virus rapidly spread and shutdown a swathe of global economies, the report said, adding that the company is also considering other financing options. Saudi Telecom agreed in January to pay USD 2.39 billion for Vodafone Egypt as part of an expansion outside its home market.
