DUBAI (UAE) – Saudi Telecom Co (STC), which is Saudi Arabia’s largest telecoms operator, announced on Sunday that it would need two more months to finish its acquisition of Vodafone Group’s 55% stake in Vodafone Egypt.
STC inked a non-binding deal in January to acquire the majority stake for $2.4 billion. It extended the process in April by 90 days, citing logistical challenges caused by spread of the pandemic.
STC said in a statement that the firm was extending this period again until September.
Vodafone Egypt is the country’s biggest mobile operator with 44 million subscribers and market share of 40%.
(Photos syndicated via Reuters)
This story has been edited by BH staff and is published from a syndicated field