Telecom Egypt Mulls Buying All Vodafone Egypt Shares

SourceAl Bawaba
SectorFinancial Markets

Telecom Egypt has a 45 percent stake in Vodafone Egypt. Vodafone Global signed a memorandum of understanding with STC on Jan. 29 regarding the possible sale of the stake to STC for $2.4 billion. Newspaper Al-Borsa reported that Telecom Egypt had commissioned Hermes and Citibank to study its investment opportunities in the deal, the seriousness of the acquisition and using the right of preemption. It quoted the sources as saying that the banks had contacted four to five foreign banks that had expressed their agreement to finance the acquisition deal if the Egyptian government made a competitive bid. The sources added that the list of banks included Mashreq Bank and First Abu Dhabi Bank. They also said that a plan was being studied to restructure Telecom Egypt's WE network and Vodafone Egypt’s network and more...