Cairo/Dubai: Saudi Telecom Co. (STC) agreed to pay $2.39 billion for Vodafone Group Plc’s Egyptian business as part of an expansion outside its home market. Vodafone Egypt shares fell 0.8% at 11:35 in Riyadh, and London-based Vodafone Group dropped 0.2%. State-run Telecom Egypt, which has a 45% stake in Vodafone Egypt, rose 6.2%. “Vodafone Egypt is the leading player in the Egyptian mobile market and we look forward to contributing further to its continuing success." Telecom Egypt said in a statement Wednesday that it was considering “all the possible ways it may deal with its investment."

Source: The North Africa Journal January 29, 2020 16:52 UTC