stc seeking to reduce offer for Vodafone Egypt?

8 Sep 2020

Saudi Telecom Company (stc) is reportedly in discussions to reduce its non-binding USD2.39 billion offer for a majority stake in Vodafone Egypt, Bloomberg reports citing two unnamed people with direct knowledge of the talks. Discussions regarding the value of the deal are said to have emerged as a deadline looms following the second extension of the memorandum of understanding (MoU) in July this year, although the unnamed individuals (one of whom is reportedly an ‘Egyptian official’), did not provide any additional details and requested anonymity because they were not authorised to comment on the talks.

As previously reported by CommsUpdate, in January 2020 stc signed a non-binding MoU with UK-based Vodafone Group to acquire its 55% stake in Vodafone Egypt. The MoU was extended for a 90-day period in April 2020, due to delays linked to the COVID-19 pandemic, while a further 60-day extension was confirmed in July.

Egypt, Saudi Telecom Company (stc), Vodafone Egypt, Vodafone Group