Saudi Telecom Company (STC) and Vodafone Group this week signed an agreement for STC to acquire Vodafone’s 55% shareholding in Vodafone Egypt for US$ 2,392 million.
On completion of the transaction, the Parties intend to enter into a Partner Market Agreement, which will include use of the Vodafone brand, and a range of other Vodafone services.
Following the completion of due diligence on Vodafone Egypt by stc, any binding agreement with respect to this transaction will be subject to obtaining the approvals of stc and Vodafone boards as well as any relevant regulatory approvals.
Nasser al Nasser, CEO, STC
The transaction, which is still subject to detailed due diligence, confirms stc’s eagerness to maintain a leadership position not only in the KSA, but also in the wider region.
Nick Read, CEO, Vodafone
This transaction is consistent with our efforts to simplify the Group to two differentiated, scaled geographic regions - Europe and sub-Saharan Africa. Additionally, it will reduce our net debt and unlock value for our shareholders.
