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Monday, 27 January 2020

Telecom Egypt not selling Vodafone Egypt stake

M&A WATCH- Telecom Egypt not exiting Vodafone Egypt: State-owned Telecom Egypt has no plans to sell its 45% stake in Vodafone Egypt, the company said yesterday (pdf), a day after press reports claimed that Saudi Telecom (STC) was in talks to acquire Vodafone International’s 55% stake in the company. Sources in the telecoms sector told Youm7 that Vodafone International and STC were in talks on the sale, but a senior Vodafone official was tight-lipped on the reports. Telecom Egypt had entered the mobile market with Egypt’s fourth mobile network operator, We, in September 2017, prompting Beltone Financial to predict the landline monopoly would offload its stake in Vodafone Egypt.

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