STC holds 2 billion dollar loan talks to finance the Vodafone Egypt deal


Source: Dubai –

Bloomberg news agency, citing its sources, revealed that Saudi Telecom had postponed talks to obtain financing to acquire a stake in the Vodafone Egypt group due to the new conditions related to the Corona virus.

Sources familiar with the matter, who asked not to be identified, said that the acquisition is still going on, and that negotiations with the banks to obtain a loan exceeding two billion dollars may resume as soon as things settle down.

They said the talks started before the Coronavirus spread rapidly and closed a wide range of global economies.

One source mentioned that the company is also studying other financing options.

Last January, Vodafone International Group and Saudi Telecom Company announced that they signed a memorandum of understanding for a possible sale of Vodafone’s global stake of 55% in Vodafone Egypt to STC, and the two parties reached an agreement to sell all the shares of Vodafone International in Vodafone Egypt at a value close to 2.392 billion dollars.

Vodafone Egypt has a market share of 44%.


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