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Sunday, 26 January 2020

Vodafone refuses to comment on STC acquisition talks

M&A WATCH- Vodafone won’t comment on STC acquisition talks: A senior Vodafone official yesterday refused to comment on reports that Vodafone Group had entered into talks with Saudi Telecom Company (STC) to offload its 55% stake in Vodafone Egypt, the local press reported. Sources in the telecoms sector told Youm7 earlier in the day that Vodafone International and STC were in talks on the sale.

STC has long been interested in getting a piece of Vodafone Egypt: Press reports way back in 2013 alleged that the Saudi firm was eyeing up the 45% stake owned by state-owned landline monopoly Telecom Egypt.

What about the remaining stake? Telecom Egypt official said last February that the company has no plans to sell its stake in Vodafone Egypt in the medium term, despite Beltone’s prediction that it could look for a buyer “after securing solid ground in the mobile market” of over 7% in 2019 following the launch of subsidiary We as the fourth national mobile network operator. Vodafone Egypt last year paid Telecom Egypt EGP 5.5 bn in dividends.

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