STC delegation meets TE officials after Vodafone Egypt acquisition offer

Mohamed Alaa El-Din
1 Min Read

A delegation from the Saudi Telecom Company (STC) visited Telecom Egypt (TE) on Sunday, a few days after a former offer made by STC to acquire 55% stake in Vodafone Egypt, of which TE holds 45%, a source in the telecommunication sector told Daily News Egypt.

The STC delegation was led by CEO Nasser Sulaiman Al-Nasser. The visit included a meeting between the teams of  STC and TE. No details have yet been announced.

STC and Vodafone International Group agreed to sell the latter’s majority stake in Vodafone Egypt to STC for $2.4bn.

TE said last Wednesday, it was closely following the procedures of the possible acquisition deal. It said in a statement to the Egyptian Exchange that it was considering how it would deal with its investments in Vodafone Egypt.

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