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Saudi Telecom Extends Vodafone Egypt Stake Purchase for Second Time

STC needs another two months to complete the purchase of Vodafone Group's 55% stake in Vodafone Egypt.
13.07.20 | Source: THE New York Times

Saudi Arabia's largest telecoms operator Saudi Telecom Co (STC) said on Sunday it would need another two months to complete the purchase of Vodafone Group's 55% stake in Vodafone Egypt.


STC signed a non-binding agreement in January to buy the majority stake for $2.4 billion, but extended the process in April by 90 days, citing logistical challenges caused by the coronavirus pandemic.


In a statement, STC said it was extending this period again until September for the same reasons.


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


STC is majority owned by Saudi Arabia's state fund the Public Investment Fund (PIF).

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