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stc seeks to cut purchase offer for Vodafone Egypt

stc seeks to cut purchase offer for Vodafone Egypt

ArabFinance: Saudi Telecom Company (stc) is in talks to cut its non-binding $2.39 billion offer for a stake in Vodafone Egypt, two people with direct knowledge of the matter told Bloomberg on September 7th.

The discussions come as a deadline nears for the Saudi telecom operator to proceed with the non-binding offer first made early this year.

Vodafone signed an agreement in January over a potential sale of its 55% shareholding in Vodafone Egypt to stc.

The Saudi company finalized its due diligence on Vodafone Egypt at the end of June.

In July, stc extended the memorandum of understanding for 60 days due to the coronavirus pandemic.

STC's offer gives the Egyptian business an enterprise value of $4.35 billion, the news agency highlighted.

 

 

 

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