Qatar Investment Authority will finalise the acquisition of Telecom Egypt’s stake in Vodafone Egypt, which amounts to about 45%, through the Authority’s telecommunications company within two months, sources have told Daily News Egypt. Qatar Investment Authority wanted to acquire Telecom Egypt’s entire share, while the Egyptian government wanted to sell only 25% and retain 20% stake in Vodafone Egypt. The market value of Vodafone Egypt currently, according to the sources’ estimates, reaches $3bn, compared to $5bn before the previous flotation. Telecom Egypt’s share in “Vodafone Egypt” currently ranges between $1.2bn to $1.3bn. It is noteworthy that there were advanced talks conducted by the Qatar Investment Authority last October to buy 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.

Source: Daily News Egypt July 29, 2023 22:01 UTC