Qatar Investment Authority would complete its acquisition of 25% stake – owned by Telecom Egypt – in Vodafone Egypt by the first quarter of 2023, sources told Daily News Egypt. The deal was scheduled to be completed before the end of this year.
The sources told Daily News Egypt that the World Cup and the Christmas holidays are behind the postponement of the deal to next year.
The sources pointed out that the initial assessment of the 25% stake that the Qatar Investment Authority is set to acquire ranges between $1-1.25bn, pointing out that the final price will depend on the local currency exchange against the dollar at the time.
Vodafone Egypt had received a previous offer from Saudi Telecom Company (STC), where an initial agreement was reached to acquire 55% of Vodafone Egypt for $2.4bn, but the negotiations stopped in January 2021 without reaching an agreement, the valuation at that time was equivalent to $870m.
It is noteworthy that Telecom Egypt owns about 45% of Vodafone Egypt, while Vodacom South Africa now owns the remaining stake after the completion of the deal to acquire Vodafone International shares in Vodafone Egypt last Thursday in a deal valued at about EGP 59.6bn.