September 23, 2021

Telecom Egypt unveils position on STC-Vodafone deal


ArabFinance: Telecom Egypt (ETEL) said it has not been informed with any details regarding the recently published news on the resumption of negotiations related to the Saudi Telecom Company (STC)-Vodafone Egypt deal, according to a press release.

It is worth noting that it has been reported that STC seeks to secure a soft loan worth $1.1 billion, planning to finance the acquisition of the global Vodafone Plc’s stake in Vodafone Egypt using its available liquidity and the rest will be financed through global debt markets.

In September, Saudi Arabia's largest telecoms operator Saudi Telecom Co (STC) said it has not reached an agreement with the British multinational telecommunications company Vodafone Group Plc to buy a 55% stake in its Egypt business.

In 2020, the Saudi company signed a non-binding deal with Vodafone Group, to buy the 55% stake, valuing Vodafone Egypt at $4.4 billion.

State-owned Telecom Egypt owns 45% of Vodafone Egypt shares.

Cairo-based Telecom Egypt is a joint-stock company, which operates in the sectors of communications, marine cables, infrastructure, internet services, and outsourcing services. It offers a range of fixed-line and retail telecommunications services, as well as wholesale telecommunications services.

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Categories : telecom

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