January 30, 2020 / 10:44 AM / 18 days ago

Vodafone stake sale needs Egyptian regulatory approval

FILE PHOTO: The Vodafone logo is seen at the Mobile World Congress in Barcelona, Spain, February 28, 2018. REUTERS/Sergio Perez

CAIRO (Reuters) - Egypt’s telecoms regulator will have to approve a sale by Vodafone (VOD.L) of its 55% stake in its local operations to Saudi Telecom Co (STC) (7010.SE), it said on Thursday.

Both firms on Wednesday announced a non-binding deal proposal, valuing Vodafone Egypt (VODE.CA) at $4.4 billion.

Once finalised, the regulator would have to approve it, the body said in a statement.

With 44 million subscribers and a 40% market share, Vodafone Egypt is the country’s biggest mobile operator. The remaining 45% stake is held by majority state-owned Telecom Egypt (ETEL.CA).

Reporting by Ehab Farouk and Ulf Laessing; editing by David Evans

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