UK Vodafone To Sell 55% Of Its Egyptian Business

The British mobile operator Vodafone Group intends to sell 55% of its Egyptian business Vodafone Egypt to Saudi company Saudi Telecom, Vodafone said in a statement.

The corresponding memorandum of understanding was signed on Wednesday. « The parties intend to conclude final agreements on this transaction after the completion of the due diligence of Vodafone Egypt by Saudi Telecom. It is expected that the transaction will be completed by the end of June 2020, subject to approval by the regulatory authorities, » the statement said.

The company indicates that the transaction value will be $ 2.392 billion. Thus, the cost of 100% Vodafone Egypt is estimated at 4.35 billion dollars. About 45% of the company is owned by Telecom Egypt.

At the same time, Vodafone notes that it will have common service centers in Egypt recently renamed _VOIS (Vodafone Intelligent Solutions). About 7.8 thousand people work in such centers in Cairo, Giza and Alexandria, they provide a wide range of services for Vodafone activities around the world. « _VOIS’s success is expected to continue, and Vodafone plans to increase its staff by at least one thousand more people in the next 12-18 months, » the company said.

The Vodafone Group, one of the world leaders in the telecommunications sector, provides services through subsidiaries and partner networks in 41 countries around 625 million users.

Saudi Telecom was founded in 1998, with shares traded on the Saudi Arabian Tadawul Exchange. The company employs 19 thousand people.

source: bloomberg.com

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