Qatar’s sovereign wealth fund is reportedly still in the mix to acquire Vodafone Egypt shares from Telecom Egypt Egypt, with a deal potentially to be announced this month, reported Daily News Egypt.
The newspaper cited anonymous sources that claimed the Qatar Investment Authority (QIA) intends to acquire the whole 45% stake Telecom Egypt holds in Vodafone. But the Egyptian government harbours concerns over the state-owned operator’s divestment of shares in its rival but did not disclose further detail.
The sources said if conditions are met, then an initial deal closure could occur before June 30. They also speculated the QIA could swoop in for the rest of the shares (55%) held by Vodacom Group.
South Africa-based Vodacom hailed its acquisition of Vodafone Egypt shares for an immediate lift in revenues.
We reported last year the QIA was discussing with the Egyptian government in regards to acquiring around US$2.5 billion of state holdings in various companies, including Vodafone Egypt.
