Saudi Telecom seeks to cut $2.39bn offer for Vodafone Egypt

SourceArabian Business
SectorTechnology
CountrySaudi Arabia

STC says that the offer gives the Egyptian business an enterprise value of $4.35bn Saudi Telecom Co. is in discussions to reduce its non-binding $2.39 billion offer for a stake in Vodafone Egypt, two people with direct knowledge of the talks said. The discussions come as a deadline nears for STC to move ahead with the non-binding offer first made in January. The Saudi company in July extended the memorandum of understanding for 60 days due to the impact of the coronavirus pandemic. In January, STC said that it had reached a preliminary deal to buy the take for $2.4 billion as it seeks expansion opportunities in Egypt, the Arab World's most populous nation The cash offer is for Vodafone’s 55 percent stake in Vodafone Egypt, the remaining part of which is held by state-owned Telecom ...read more...