Saudi Telecom announces MoU to buy Vodafone Egypt stake for $2.39 Billion
Saudi Telecom Company (stc) has announced the signing a non-binding memorandum of understanding (MoU) with the Vodafone group in relation to the potential acquisition of Vodafone’s 55% shareholding in Vodafone Egypt.
Stc said in an announcement that it had agreed to pay $2.39 billion for Vodafone Group’s Egyptian business as part of an expansion outside its home market. The potential transaction is in line with stc’s growth strategy, and it is expected to create value for stc and its shareholders.
Vodafone said in a statement that the deal would be consistent with its efforts to simplify the group to two differentiated, scaled geographic regions - Europe and sub-Saharan Africa.