Vodafone Group, a British multinational telecommunications company, and the Saudi Arabia-based telecommunications provider Saudi Telecom Company (STC) are continuing discussion over a 55% stake sale of Vodafone shares in its Egyptian business, despite the expiry of the initial offer deadline last week. The two parties agreed in separate statements on a “misalignment” on Vodafone’s side in preparation for a $2.4 billion transaction of its Egyptian stake. STC said that the non-binding memorandum of understanding (MoU) to acquire the stake had ended without an agreement, but negotiations with Vodafone would continue. Furthermore, the British telecom company commented: “Vodafone now looks to STC and Telecom Egypt to find a suitable agreement to enable the transaction to close.” The MoU was announced in January of this year when STC offered $2.4 billion for the major part of a stake in Vodafone Egypt, which was expected to close at the end of…
Latest Posts:
- Is addiction to technology something we should worry about?
- Pragma upgrades its iPECS cloud UCaaS platform
- TalkTalk enters agreement to buy SSE Phone & Broadband
- A quick roundup of the news in Telecoms | Week #31
- Singtel invests $100M to boost Innov8
- Pax8 acquires cloud managed service provider Umbrellar
- Vodafone and RingCentral launch UC solution in the German market
- A quick roundup of the news in Telecoms | Week #30
Tag