“An understanding has been reached between STC and Vodafone Group to keep the dialogue open”, the statement said. Vodafone Group said it is looking to “finalise the transaction in the near future”. With 44 million subscribers and a 40 per cent market share, Vodafone Egypt is the North African country's biggest mobile operator. State-run Telecom Egypt holds the remaining 45 per cent stake of the operator. In February, Egypt’s Financial Regulatory Authority said STC should make an offer to acquire Telecom Egypt’s remaining stake in Vodafone Egypt if its deal with Vodafone goes through.

Source: The North Africa Journal September 13, 2020 09:00 UTC