Vodafone Announces Talks in Egypt with STC Have Been Terminated

Vodafone Announces Talks in Egypt with STC Have Been Terminated
Source: Amr Abdallah Dalsh for Reuters

Vodafone announces today that its discussions with Saudi Telecom Company (STC) regarding the sale of Vodafone’s 55% shareholding in Vodafone Egypt have been terminated.

“We believe that the Egyptian government is committed to an optimal framework for the telecoms sector, which will enable Vodafone Egypt to deliver on the country’s vision of digitization and financial inclusion and create a technology hub to support our growth in the African region.”

Vodafone Group, CEO, Nick Read

Back in January this year, STC had signed an initial agreement to acquire Vodafone’s 55% stake in Vodafone Egypt for $2.4 billion in the latest step to unravel the British group’s global empire.

If you see something out of place or would like to contribute to this story, check out our Ethics and Policy section.