Vodafone ends talks to sell Egypt stake to Saudi STC | Reuters
Vodafone said on Monday it had ended talks with the Saudi Telecom Company on the $2.4 billion sale of its 55% shareholding in Vodafone Egypt after a series of missed deadlines to complete the deal.
STC, the kingdom’s biggest telecom operator, had struck a preliminary deal in January with the London-listed telecoms company to buy the stake as it sought growth in the Arab world’s most populous nation.
Vodafone had said in September that it remained in talks to finalise the deal in the near future despite the expiry of an initial memorandum of understanding.
STC cited coronavirus-driven logistical challenges to seek extension twices to the initial agreement, first in April and then in July.
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