< Arab Finance - News - STC signs deal to buy Vodafone stake in Egypt unit for $2.4B
Count Down to relaunch



STC signs deal to buy Vodafone stake in Egypt unit for $2.4B

STC signs deal to buy Vodafone stake in Egypt unit for $2.4B

Cairo:  Saudi Arabia's largest telecom STC said on Wednesday it has signed a preliminary agreement to buy Vodafone's 55% stake in Vodafone Egypt for $2.4 billion.

The non-binding Memorandum of Understanding values Vodafone Egypt at $4.4 billion and is valid for 75 days from Wednesday, STC said in a bourse statement. It can be extended by mutual consent.

A binding agreement is subject to approvals by STC and Vodafone, and regulators. STC said no other parties were involved in the potential deal.

STC, also known as Saudi Telecom, is majority owned by Saudi Arabia's state fund the Public Investment Fund (PIF).

Telecom Egypt, which owns a stake in Vodafone Egypt, said on Sunday it had no intention of selling its stake. Source: Zawya

#Related keywords

Recommended Stocks

13 Jun 2022
Delta Sugar SUGR
Close
24.77
Change
-01.31
Hold

All rights reserved to Arab Finance 2020 ©

Back to top