Vodafone Egypt buys USD18 million controlling stake in ISP

6 Oct 2006

Vodafone Egypt has agreed to buy a 51% stake in Egyptian ISP Raya Telecom from Raya Holding for EGP104 million (USD18 million), with an option to acquire the outstanding shares for a further USD18 million within two years, reports Telecompaper. Raya Telecom provides residential and corporate internet access and data services over its own infrastructure. The new partners have agreed to invest EGP50 million in the ISP to strengthen its range of services and to ‘explore synergies’ between the two companies.

Egypt, Vodafone Egypt