Vodafone terminates talks to sell 55% stake in Egypt unit to STC

21/12/2020 Argaam

Vodafone Group said today, Dec. 21, 2020, it ended talks with Saudi Telecom Co. (STC) on selling 55% stake in Vodafone Egypt.

 

“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,” said Vodafone Group CEO Nick Read.

 

In September, STC announced that the memorandum of understanding (MoU) signed with Vodafone Group to acquire the latter's 55% stake in Vodafone Egypt expired without reaching a deal, according to data compiled by Argaam.

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