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Saudi Telecom postpones Vodafone Egypt acquisition, again

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Saudi Telecom Company (STC) has for the second time postponed its planned acquisition of a 55% stake in Vodafone Egypt.

The telco said in a statement on Sunday that it would need a further two months to complete the purchase which has been in the cards since January.

"STC announces that due to the logistical challenges caused by the COVID-19 pandemic, the parties need more time to complete the processes related to the transaction, including the due diligence and they have therefore agreed to extend the MoU for 60 days starting from today," it said.

STC and Vodafone signed a Memorandum of Understanding in January for the majority stake to be sold for $2.4 billion, but in April, STC extended the MoU for 90 days, saying it needed more time to do its due diligence because of logistical challenges caused by the COVID-19 pandemic. Now it has pushed the date back to mid-September due to the same issue.

Vodafone Egypt had about 40.2 million mobile customers and around 694,000 fixed broadband subscribers at the end of March 2020, according to Vodafone's latest financial statements.

Vodafone said the Egypt business's revenue grew 30.3% to 1.45 billion (US$1.6 billion) for the year ended March 31, 2020, and service revenue grew organically by 14.5%.

The Staff, Connecting Africa

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