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As per Saudi Telecom, no deal has been reached on Vodafone Egypt's shareholding

Princess Tarfa

Saudi Telecom Co (STC), Saudi Arabia's largest telecommunication operator, stated no contract is finalized to acquire a 55 percent interest in Vodafone Egypt.

Saudi Telecom Co (STC), Saudi Arabia's largest telecommunication operator, declared on Sunday that no deal has indeed been struck to purchase a 55 % share in Vodafone Egypt, but also that the parties have decided to keep discussions open.

STC reached a non-binding deal to acquire the shareholding for $2.4 billion in January, increasing the proposal in April and again in July.

The agreement, which was originally scheduled to conclude in June, would've been STC's largest in almost a decade and priced Vodafone Egypt for $4.4 billion.

As per a stock market announcement, STC terminated the second extension "despite achieving an accord to finalize the deal owing to misalignment among key stakeholders."

The non-binding agreement was established well before the coronavirus outbreak, and when STC proposed a 90-day extension in April, it blamed logistical obstacles imposed by the epidemic.

Vodafone Egypt has been the country's largest mobile provider, with 44 million members and a 40% market share. The Public Investment Fund of Saudi Arabia owned by a sovereign wealth fund, controlling the stake in STC (PIF).

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