Sources in the mobile market revealed that the Qatar Investment Authority aims to acquire the entire stake of Telecom Egypt in Vodafone Egypt. According to the expected scenarios disclosed by the sources to Daily News Egypt, the deal may be implemented in two phases. According to the sources, the market value of Vodafone Egypt currently reaches $3bn, compared to $5bn before the previous flotation. Telecom Egypt’s stake in Vodafone Egypt currently ranges between $1.2bn and $1.3bn. It is noteworthy that there were advanced talks conducted by the Qatar Investment Authority last October to seize a 20% stake in Vodafone Egypt, from the share of Telecom Egypt, and Telecom Egypt revealed at the time that it had not received any official offer from any party regarding Qatar’s investment for about $2.5bn.

Source: Daily News Egypt June 06, 2023 23:25 UTC