Vodafone terminates talks to sell Egypt stake to Saudi Telcom

Vodafone Group Plc announced that it has ended talks to sell its Egyptian business to Saudi Telecom, on a $2.4 billion deal for its 55% shareholding.

Saudi Telecom had offered to pay the amount in January, but there was a series of delays and missed deadlines due to coronavirus restriction challenges.

“We believe that the Egyptian government is committed to an optimal framework for the telecoms sector, which will enable Vodafone Egypt to deliver on the country’s vision of digitisation and financial inclusion and create a technology hub to support our growth in the African region,” Vodafone Group CEO Nick Read said in a statement.

Vodafone Egypt is currently the country’s biggest mobile operator, with 44 million subscribers and a 40% market share.

The remaining shares in Vodafone Egypt are held by state-controlled Telecom Egypt.