Vodafone in talks to complete Egypt sale
Vodafone Group
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16:49 09/01/25
Vodafone said it was in talks to complete the sale of its stake in Vodafone Egypt soon despite the deal agreement elapsing.
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The FTSE 100 telecoms company agreed in January to sell its 55% share of the business to Saudi Telecom for $2.39bn. Saudi Telecom has been trying to reduce its offer, according to reports.
The deadline for the sale was extended in July because of delays to due diligence caused by Covid-19 restrictions. Telecom Egypt owns the remaining 45% of the business.
"Despite the expiry of the memorandum of understanding, Vodafone remains in discussion with STC [Saudi Telecom] to finalise the transaction in the near future," Vodafone said. "Vodafone now looks to STC and Telecom Egypt to find a suitable agreement to enable the transaction to close."
Saudi Telecom said its non-binding memorandum of understanding to buy the stake expired without a deal and that it would continue talks with Vodafone, Bloomberg reported.
Vodafone shares rose 0.2% to 110.43p at 08:03 BST.