STC must make an offer on Telecom Egypt’s 44.94% stake of Vodafone Egypt if its acquisition of Vodafone Group’s 54.93% stake in the unit closes successfully.
The Egyptian Financial Regulatory Authority (FRA) confirmed that a 1992 law would legally bind STC into making an offer on outstanding shares in the unit if its US$2.4 billion offer for Vodafone’s stake is accepted.
In a statement, Telecom Egypt said that it was “closely following the aforementioned potential transaction to consider all of its possible investment options and opportunities.”
Last week, STC entered a non-binding MoU with Vodafone Group to purchase its holding in Vodafone Egypt.
