Saudi’s Telecom Company in Talks to Acquire Vodafone
With no comments from Vodafone officials, STC expresses its intentions to seek 55% of the company’s stake.
Several local press outlets have recently reported Vodafone International and STC talking about offloading its 55% stake in Vodafone Egypt. A senior representative at Vodafone refused to comment on the occasion, however, STC has been long interested in getting a piece of the Egyptian leg of the international telecom giant.
Back in 2013, it was initially reported that the Saudi firm has been allegedly seeking to acquire over half of the company’s stakes, with the remaining 45% stake owned by state-owned landline operator Telecom Egypt. Although Telecom Egypt has expressed no plans to sell its stake in Vodafone Egypt, the latter paid 5.5 billion EGP in dividends last year.
At the launch of 2020, STC’s operational leg in Bahrain has rebranded what was formerly known as VIVA to STC, following the telecom giant’s efforts to establish 5G internet services in the Gulf region.
