Saudi STC extends Vodafone Egypt stake purchase for second time
Saudi Arabia’s largest telecoms operator Saudi Telecom Co (STC) said it would need another two months to conclude the purchase of Vodafone Group’s 55 percent 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, on the back of logistical challenges caused by the coronavirus pandemic.
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).