Telecom Egypt agrees to up Vodafone Egypt stake to 49%

3 Oct 2006

Telecom Egypt (TE) says a recent tender offer has seen it secure commitments to acquire a further 23.47% stake in mobile operator Vodafone Egypt from minority shareholders for EGP5.63 billion (USD1.03 billion). TE opened the tender offering to buy an additional 24.4% of Vodafone Egypt equity on 21 September. Upon completion of the deals, TE’s holding in the cellco will rise from 25.5% to 48.97%. UK-based Vodafone Group holds 50.1%. The outstanding shares are currently split between Alkan Group (5%), Banque du Caire (3.4%) and a number of individual shareholders.

Egypt, Telecom Egypt, Vodafone Egypt