stc finishes due diligence on Vodafone Egypt holding

stc finishes due diligence on Vodafone Egypt holding

Saudi Arabia’s stc has completed its due diligence for a possible acquisition of Vodafone Group’s majority holding in Vodafone Egypt.

MENAFN reports that Saudi Telecom Company’s financial advisors will use the information to determine the value of a mandatory offer to Vodafone Group for its 55% stake in the Egyptian unit.

Vodafone signed a non-binding MoU agreeing to sell its holding to stc in January this year for nearly $2.4 billion, as reported by CommsUpdate. The memorandum was extended for 90 days beyond its original 75-day validity period due to the ongoing Covid-19 pandemic, and the initially agreed value will be replaced with a new consideration stipulated in the final agreement.

Telecom Egypt holds the remaining stake of almost 45% in Vodafone Egypt. MENAFN noted that stc is not interested in an acquisition of this holding, according to anonymous sources.

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