Vodafone to Sell Stake in Egypt Unit to Saudi Telecom for $2.39 Billion

Date : 01/29/2020 @ 7:29AM
Source : Dow Jones News
Stock : Vodafone Group Plc (VOD)
Quote : 134.36  -6.7 (-4.75%) @ 4:35PM

Vodafone to Sell Stake in Egypt Unit to Saudi Telecom for $2.39 Billion

Vodafone (LSE:VOD)
Historical Stock Chart

2 Months : From Dec 2019 to Feb 2020

Click Here for more Vodafone Charts.
   By Adria Calatayud 

Vodafone Group PLC (VOD.LN) said Wednesday that it has agreed to sell its 55% stake in its Egypt unit to Saudi Telecom Co. (7010.SA) for $2.39 billion.

Both parties have signed a memorandum of understanding for the sale of Vodafone's shareholding, the U.K. telecommunications group said.

The parties have also reached an agreement on the basis for a long-term partnership which will include use of the Vodafone brand, preferential roaming arrangements, access to Vodafone's central procurement function, and a range of other services, the U.K. company said.

Vodafone said it will continue to have a significant presence in Egypt through its shared-services centers.

Bloomberg first reported that Vodafone and Saudi Telecom were in talks over the deal.


Write to Adria Calatayud at adria.calatayud@dowjones.com


(END) Dow Jones Newswires

January 29, 2020 02:14 ET (07:14 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.

Your Recent History
Gulf Keyst..
FTSE 100
UK Sterlin..
Stocks you've viewed will appear in this box, letting you easily return to quotes you've seen previously.

Register now to create your own custom streaming stock watchlist.

NYSE, AMEX, and ASX quotes are delayed by at least 20 minutes.
All other quotes are delayed by at least 15 minutes unless otherwise stated.