Telecom Egypt expected to sell Vodafone stake to QIA by September

Vodafone Egypt expected to sell stake to QIA by September

We reported last month that the Qatar Investment Authority (QIA) appeared intent on acquiring Telecom Egypt’s entire 45% stake in Vodafone Egypt, and reports now indicate that the deal could be finalised by September this year.

Daily News Egypt quoted anonymous sources as claiming that a deal was almost finalised last month, as the parties involved had already on a valuation for Vodafone Egypt. It has emerged that the delay came about as the Egyptian government – Telecom Egypt’s majority shareholder – is reluctant for the operator to divest more than a 25% shareholding.

Despite this appearing irreconcilable with QIA’s continued push to acquire the full 45%, talks are ongoing and a deal is expected, with the news outlet naming end-September 2023 as the likely implementation date.

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