Saudi Telecom Company (STC) is in discussions to reduce its non-binding USD 2.39 billion offer for a stake in Vodafone Egypt, Bloomberg reported, citing two people with direct knowledge of the talks. The discussions come as a deadline nears for STC to move ahead with the non-binding offer first made in January. In July, the Saudi extended the memorandum of understanding for 60 days because of the effects of the Covid-19 pandemic.
The cash offer is for Vodafone's 55 percent stake in Vodafone Egypt, the remaining part of which is held by state-owned Telecom Egypt. STC had said that the offer gives the Egyptian business an enterprise value of USD 4.35 billion. The two people, who include an Egyptian official, did not provide additional details and requested anonymity because they were not authorised to comment on the talks.
