STC released a statement regarding the extension of the non-binding memorandum of understanding (MoU) with Vodafone Group (Vodafone) in relation to the potential acquisition of Vodafone’s 55% shareholding in Vodafone Egypt. The company there announced the expiration of the MoU’s extension period without reaching to an agreement to conclude the transaction due to misalignment with relevant parties.
Vodafone commented the expiry, stating that it now looks to stc and Telecom Egypt to find a suitable agreement to enable the transaction to close.
Since January, stc had postponed the acquisition of the Vodafone Egypt stake twice.
According to Vodafone financial statements from March this year, Vodafone Egypt has 694,000 fixed broadband subscribers and 40.2 million mobile customers.