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Vodafone still in discussion with stc to sell $2.4bn stake in Egypt unit

Vodafone still in discussion with stc to sell $2.4bn stake in Egypt unit
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Riyadh – Mubasher: Vodafone Group on Monday said due diligence regarding the sale of its 55% stake in Vodafone Egypt has been substantively completed by Saudi Telecom Company (stc).

Despite the expiry of a memorandum of understanding (MoU), the London-listed telecom firm remains in talks with stc to complete the deal in the near future, Vodafone said in a statement.

"Vodafone now looks to stc and Telecom Egypt to find a suitable agreement to enable the transaction to close," the group clarified.

On Sunday, stc said the tenure of the non-binding agreement to purchase the stake in Vodafone Egypt ended without reaching an agreement, yet, both parties agreed to keep the dialogue open.

In January, the Saudi telecom operator inked a non-binding MoU with Vodafone to acquire the said stake for $2.392 billion, equivalent to EGP 37.8 billion (SAR 8.97 billion), before extending it in April and July due to coronavirus-driven logistical challenges.