ArabFinance: Discussions with the Saudi Telecom Company (stc) regarding the sale of Vodafone's 55% stake in Vodafone Egypt have been terminated, Sares Magazine cited Vodafone Group’s December 21st statement.

“The Egyptian government is committed to an optimal framework for the telecoms sector,” Vodafone Group CEO Nick Read stated.

This structure will likely “enable Vodafone Egypt to deliver on the country's vision of digitization and financial inclusion and create a technology hub to support [Vodafone Group’s] growth in the African region,' Read added.

If had been finalized, the transaction would have been estimated at $2.4 billion (EGP 37.54 billion), Blooberg reported.

stc offered to pay $2.39 billion (EGP 37.38 billion) for the stake Vodafone Egypt in January, the business news service added.

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