STC to buy majority holding in Vodafone Egypt

STC to buy majority holding in Vodafone Egypt

Saudi Telecom Company (STC) is acquiring Vodafone’s 55% stake in Vodafone Egypt.

The Saudi operator has signed a non-binding MoU for the deal, offering a cash consideration of US$2.392 billion for the stake. This equates to an enterprise value of US$4.350 billion for 100% of Vodafone Egypt.

The MoU is valid for 75 days and may be extended with the consent of both companies. Any binding agreement must similarly be approved by both parties as well as the respective regulators of their home markets.

The remaining 45% stake in Vodafone Egypt is held by local operator Telecom Egypt.

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