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STC concludes due diligence on Vodafone Egypt, sets decision date

STC concludes due diligence on Vodafone Egypt, sets decision date

ArabFinance: Saudi Telecom Company (STC) finalized its due diligence on Vodafone Egypt at the end of June, according to Masrawy website.

The Saudi telecommunications company will send the due diligence report to its financial advisors for review to decide on the mandatory offer to purchase Vodafone Group's 55% stake in its local subsidiary, sources told the news website.

STC set July 15th to announce whether the submission of the mandatory purchase offer or extension of the due diligence period.

Earlier, the Saudi telecom operator decided to put off talks over acquiring a stake in Vodafone Egypt, people with knowledge of the matter told Bloomberg.

STC's decision came to raise debt to finance the acquisition of Vodafone Group’s stake in its Egyptian business.

The delay was also due to the fast-spreading coronavirus pandemic.

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