Egypt Independent

Saudi Telecom extends Vodafone Egypt stake purchase process by 90 days



DUBAI (Reuters) – Saudi Telecom Co (STC) 7010.SE, the kingdom’s biggest telecoms operator, said on Monday it needed more time to complete processes related to a planned deal to buy Vodafone Group’s 55 percent stake in Vodafone Egypt.

Saudi Telecom in January struck a preliminary deal to buy the stake for US $2.4 billion, seeking growth in the Arab world’s most populous nation.

STC said it had extended its memorandum of understanding with Vodafone Group for 90 days and attributed the reason for the delay to logistical challenges caused by the novel coronavirus pandemic.

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Reporting by Hadeel Al Sayegh; Editing by Kirsten Donovan

Image: The building of Vodafone Egypt Telecommunications Co is seen at the Smart Village in the outskirts of Cairo, Egypt, October 27, 2015. (REUTERS/Asmaa Waguih)