Telecom

STC may finally give up on the acquisition of stakes in Vodafone Egypt

Monday, 14 September 2020 18:34
STC may finally give up on the acquisition of stakes in Vodafone Egypt

(Ecofin Agency) - The acquisition by Saudi Telecom Company (STC) of Vodafone Group's 55% stake in Vodafone Egypt may be canceled; 48 hours after sources close to the matter told Bloomberg that the $2.39 billion bid could be revised downwards, STC announced on September 13, 2020, the end of the term of the memorandum of understanding signed last January without any agreement to conclude it.

However, STC stated that both parties have agreed to maintain a dialog, certainly in case they eventually find common ground for the realization of the Saudi operator's ambitions.

Let’s note that STC has postponed the finalization of an agreement two times due to logistical issues related to the Covid-19 pandemic. The first postponement occurred in April 2020 for 90 days and the second occurred on July 12 for 60 days.





 
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