Vodafone inks deal to acquire Egypt’s Vodafone International Services
Vodafone Group Plc has on Wednesday signed a deal to buy Vodafone International Services (VIS) platform, a subsidiary of Vodafone Egypt unit, for 1 billion Egyptian pounds ($61.8 million).
The acquisition is part of Vodafone’s plan to boost its direct investments in Egypt in outsourcing services, according to a statement by the Egyptian Ministry of Communications.
“The acquisition is a compelling proof of trust and of the stability of the Egyptian economy,” Vivek Badrinath, regional chief executive for Vodafone AMAP
Vodafone Egypt chief executive Alexandre Froment-Curtil signed the agreement with Vivek Badrinath, regional chief executive for Africa, Middle East, and Asia Pacific (AMAP) in Cairo in the presence of Egyptian Minister of Communications Amr Talaat. Several officials in Ministry of Communications along with Vodafone Group and Egyptian unit attended the signing ceremony, including Gary Adey – operations director at VIS.
The decision to acquire VIS reflects Vodafone’s trust in Egypt’s economy and investment environment given its successful economic reforms and the Egyptian Ministry of Communication’s vision for the outsourcing sector, Vivek Badrinath said.
The acquisition is a compelling proof of trust and of the stability of the Egyptian economy, Badrinath added.