STC pushes back Vodafone Egypt deal for the second time – The National

STC pushes back Vodafone Egypt deal for the second time – The National

Logistical challenges' during the coronavirus outbreak have delayed STC's efforts to close its purchase of a 55% stake

















The Covid-19 outbreak has delayed STC's efforts to complete the purchase of a 55% stake in Vodafone Egypt. Reuters    

















July 12, 2020



July 12, 2020













Saudi Telecom Company, the biggest telecommunications operator in the kingdom by market value, pushed back the completion of its purchase of a 55 per cent stake in Vodafone Egypt for the second time, saying it needed more time to complete the transaction.



The company confirmed a deal earlier this year to buy the stake in Vodafone's Egyptian unit for $2.4 billion (Dh8.8bn) as part of its regional expansion. However, "logistical challenges“ amid the ongoing coronavirus outbreak have delayed completion, STC said.



"The parties need more time to complete the processes related to the transaction, including the due diligence and they have therefore agreed to extend the [agreement] for 60 days starting from today," the company said in a statement to Tadawul, where its shares trade, on Sunday.





The deal allows STC, which is majority-owned