Vodafone to sell Egypt business to Saudi Telecom
By Michele Maatouk
Date: Wednesday 29 Jan 2020
(Sharecast News) - Vodafone said on Wednesday that it has agreed to sell its 55% interest in Vodafone Egypt to Saudi Telecom for $2.39bn.
The parties have also agreed the basis for a long-term partner market agreement, which will include use of the Vodafone brand, preferential roaming arrangements, access to Vodafone's central procurement function, and a range of other services.
"This agreement will ensure that Vodafone Egypt will be able to continue to offer its business and consumer customers world-class services and innovations," the company said.
Chief executive Nick Read said: "I am deeply proud of our business in Egypt, being the clear number one leader in the market. Under stc, I believe they will continue to flourish. This transaction is consistent with our efforts to simplify the group to two differentiated, scaled geographic regions - Europe and sub-Saharan Africa. Additionally, it will reduce our net debt and unlock value for our shareholders."
Vodafone said it will continue to have a "significant" presence in Egypt through its shared services centres.
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