STC suspends Vodafone Egypt finance talks

Saudi operator STC paused talks with banks regarding a $2 billion financial package to cover an acquisition of Vodafone Group’s Egyptian business due to disruption caused by the Covid-19 (coronavirus), Bloomberg reported.

Sources told the news agency STC remains keen to acquire the UK-headquartered group’s 55 per cent stake in Vodafone Egypt, after the pair brokered a $2.4 billion deal in late January. But, Bloomberg explained, a subsequent weakening in global economies caused by the pandemic had seen STC put talks regarding a debt-based finance package put on ice.