TE considers Vodafone Egypt acquisition as banks willing to finance deal

Telecom Egypt (TE) has assigned investment banks EFG Hermes and Citibank to evaluate possible options regarding the acquisition of Vodafone Egypt, in which TE holds partial stake, Daily News Egypt has learned.

The TE's move comes following the recent hiccup in the Saudi Telecom Company's (STC) attempted acquisition of Vodafone International Group's 55% stake in Vodafone Egypt.

Sources close to the deal indicated that the two investment banks, assigned by TE, have contacted as many as five foreign banks that have expressed their willingness to finance the possible acquisition. Their financial input may be considered in case TE expresses its interest in acquiring Vodafone International Group's stake of its Egypt operations.