A source at the Financial Regulatory Authority (FRA) revealed that Saudi Telecom Company’s (STC) acquisition of Vodafone International’s share in Vodafone Egypt requires the Saudi company to offer a compulsory 100% purchase of Vodafone Egypt.
The FRA source told Daily News Egypt (DNE) that the FRA was not officially notified by any company of the updates yet.
Both companies announced their agreement for
the STC to buy Vodafone International Group’s share of Vodafone Egypt, worth $2.4bn.
Vodafone International owns 55% of Vodafone Egypt, while TE, representing the Egyptian government, has the remaining 45%.
The two companies issued separate statements last Wednesday, in which they confirmed that they await the rest of the acquisition measures in the coming months in preparation for the completion of the deal by the end of June, and the final acquisition will be determined at that time.
