Saudi STC seeks $1.1 bln loan for Vodafone Egypt deal – sources
Saudi Telecom Co (STC) seems to have resumed talks with Vodafone to buy its stake in Vodafone Egypt as the Saudi teleco is seeking a$1.1 billion loan to proceed with the deal, banking sources told CNBC Arabic.
STC, the kingdom’s biggest telecom operator, had signed a preliminary deal in January 2020 with Vodafone $2.4 billion sale of its 55 percent shareholding in Vodafone Egypt. However, the London-listed telecoms company announced later in December that it had ended the talks with STC after a series of missed deadlines to complete the deal.
The Saudi teleco at the time cited coronavirus-driven logistical challenges to seek extension twices to the initial agreement, first in April and then in July.